China’s state-owned PetroChina has reportedly made a Final Investment Decision (FID) for a new refining and petrochemical complex worth a total of $9.6 billion (approximately RMB 68.5 billion) on Changxing Island, Dalian, Liaoning Province. The facility is centered on a 200,000-barrel-per-day (bpd) crude refining unit and a 1.4-million-ton-per-year ethylene unit, with groundbreaking planned for 2026 and phased startup thereafter.
The new complex will be built in the Dalian Changxing Island Economic Zone, comprising the 200,000-bpd refining unit, the 1.4-million-ton-per-year ethylene unit, and downstream petrochemical facilities including polyethylene (PE), polypropylene (PP), and polyolefin elastomer (POE). The project reportedly replaces PetroChina’s existing 410,000-bpd refinery located within the city of Dalian, which has reportedly been phasing down operations since late 2023. The project is being undertaken by PetroChina Dalian Petrochemical Corporation, and funding is reportedly entirely self-financed. The original report does not specify a process technology licensor, so detailed licensor information is not available.
Total investment is approximately $9.6 billion (about RMB 68.5 billion), with a planned refining capacity of 200,000 bpd and ethylene capacity of 1.4 million tons per year. Industry sources reportedly indicate that preliminary construction, including docks and piping, has already begun at the site.