CNPC Jilin Petrochemical Co's upgrade project is officially launched in Jilin city with a ceremony held on Feb 8. [Photo provided to gojilin.gov.cn]

A massive upgrading project of oil refiner and chemicals producer CNPC Jilin Petrochemical Co was launched on Feb 8 in Jilin city, located in Northeast China's Jilin province.

The development is a key project in the 14th Five-Year Plan period (2021-25) of the company's parent group – Beijing-headquartered national oil and gas producer China National Petroleum Corporation, or CNPC – and Jilin province.

With a total investment of 33.9 billion yuan ($5.33 billion), the project is currently the largest industrial project being funded by a single group in Jilin province, marking a new stage in the company's efforts to go green and low-carbon, and expand its digital transformation and intelligent development.

It is also said to mark a new starting point for the Jilin chemicals industry to embark on high-quality development, green development and cluster development.

Projections are that after the implementation of the project, the Jilin company's output of oil products will be reduced by 2.63 million metric tons annually and the output of chemical products will increase by about 2.8 million tons per year.

It is said that in this way, the strategic optimization and adjustment of the layout of CNPC's refining and chemicals business in Northeast China can be realized.

CNPC Jilin Petrochemical Co, formerly known as Jilin Chemical Industry Co, was established in 1957. After more than 60 years of development, it has become an integrated refining and chemicals production enterprise.