HaiKe Chemical Group’s joint venture refinery, Dongying Hi-Tech Ruilin Chemical, is now complete and operations have begun.
Ruilin, which has an annual production capacity of 2.7 million tonnes, will produce and sell petrol, diesel oil, liquefied gas, asphalt and heavy oil, according to bfnnews.com.
The refinery has seen an investment of about 900m yuan ($131m) to date by the joint venture partners, of which HaiKe has a 49% stake.
Chairman Yang Xiaohong was quoted as saying that the company’s core objective is to grow its petrochemical business and take advantage of demand in China.
