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Rongsheng Petrochemical to Invest 19.6 Billion Yuan in Upgrade Project

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Rongsheng Petrochemical (SHE:002493) and controlled subsidiary Zhejiang Petroleum & Chemical plan to invest about 19.6 billion yuan in a refining and chemical integration upgrade project.

The initiative aims to enhance processing depth, boost high-value-added new material output and strengthen competitiveness, according to a Friday filing with the Shenzhen bourse.

The project is expected to generate annual net profit of 1.41 billion yuan, with an 11.08% internal rate of return and 8.93-year payback. Construction will take about two years.`

Shares of the petrochemical company rose 3% in recent trade.

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