Sinopec's market share in Fujian has increased rapidly

The Fujian Refining and Chemical Project has yielded fruitful results since its completion and commissioning. From January to November, Fujian Refining & Petrochemical Company achieved sales revenue of nearly 53 billion yuan, profits of nearly 800 million yuan, and taxes and fees of over 7 billion yuan.

The predecessor of the Fujian Refining and Chemical Project, the Fujian Oil Refinery, is the fruit of over 20 years of cooperation between China Petrochemical Corporation and Fujian Province. The Fujian Refining and Chemical Project was officially completed and put into operation in November last year, with a total investment of nearly 40 billion yuan, and the refining capacity has been increased to 12 million tons per year.

With the completion of the oil refining and chemical project, Fujian has leapt from being a small petrochemical province that never produced a drop of oil to a major petrochemical province. Fujian Refining & Petrochemical Company ranks 8th in refining capacity and 7th in ethylene production nationwide. After the oil refining and chemical project was put into operation, Sinopec's market share in Fujian rapidly increased. In the first 10 months of this year, Sinopec's sales volume of refined oil products in Fujian was 4.204 million tons, accounting for 72.9% of the province's total sales volume; Fujian's petrochemical industry achieved an industrial output value of 132.6 billion yuan, a year-on-year increase of 35.7%, and the output of major petrochemical products showed a continuous growth trend.