Zhejiang Petrochemical Co., Ltd. was founded on June 18, 2015. It is a mixed-ownership enterprise jointly formed by private enterprise and involved with state-owned enterprise. It is co-established by the private enterprise Rongsheng Petrochemical Co., Ltd. (holding 51% of shares), the provincial state-owned enterprise Zhejiang Juhua Investment Co., Ltd. (20% shares), the private enterprise Zhejiang Tongkun Investment Co., Ltd. (20% shares) and Zhoushan Marine Comprehensive Development and Investment Co., Ltd. (9% shares).

The total investment of the 40 MMTA integrated refining and petrochemical project is  more than 300 billion RMB. At present, it is the largest single industry project invested in the world, and it is also the largest investment project of private enterprises in China so far.

The project will process 40 million tons of crude oil, 11.8 million tons of aromatics and 4.2 million tons of ethylene per year. This world-scale project reaches the refining and chemical integration rate of about 70%,and can produce more than 30 kinds of petrochemical products such as national VI gasoline and diesel oil, jet fuel, paraxylene (PX), advanced polyolefin, polycarbonate, and etc. It is a significant supporting project for China (Zhejiang) Free Trade Zone to build the whole oil industry chain and implement the “One Center,Three Bases,One Representative Area” development strategy.

The overall scale of Zhejiang Petroleum & Chemical’ s refining and chemical plant is large; the scale of multiple units in a single unit has reached the world’ s largest level; the production scale and unit level are both at the world’ s advanced level. The company has the “dual rights” of crude oil import (crude oil import right and crude oil import use right), and is also the first private refining enterprise in China obtaining the export quota of refined oil. The aviation coal products produced by the company have officially obtained the qualification to enter the civil aviation jet fuel market.