Zhejiang Petrochemical has started construction of the first phase of its oil refining and petrochemical complex on the island of Zhoushan, near Shanghai, in Zhejiang province. Earlier the project was likely to be operational by 2020. Zhejiang Petrochemical's project will consist of two 400,000 bpd oil refineries and two 1.4 mln tpa ethylene plants. Textile maker Rongsheng Holding Group, petrochemical maker Juhua Group and Tongkun Group, are the main financiers of the 173 bln yuan (US$25.44 bln) project, the environmental document showed.
