On September 12th, China Petrochemical Corporation approved the basic design of the million-ton ethylene project of Luoyang Petrochemical, marking that the project will enter the comprehensive construction stage.

It is reported that the million-ton ethylene project of Luoyang Petrochemical has a total investment of 27.8 billion yuan, designed to build 13 sets of process production units including 1 million tons/year of ethylene, and implement refinery adaptability transformation. It is the largest industrial project with single investment during the 14th Five Year Plan period in Henan Province. After the project is put into operation, it can sell about 3 million tons of various chemical products annually, with an added output value of 20 billion yuan, driving downstream industrial chain investment of over 160 billion yuan, and forming an industrial cluster of "100 billion investment and 10,000 job opportunities".