Dec 16, 2019, 09:59 EST
Salem, US, Dec 16, 2019, 09:59 /Comserve / -- Sinopec Group one of the leading oil and energy and chemical companies that has just concluded the main unit of the Al-Zour refinery project (ZOR) at Kuwait.
The Beijing headquartered China Petrochemical Corporation or simply Sinopec Group (HKEX: 386; SSE: 600028; NYSE: SNP) as it is normally referred to, an enterprise listed on the New York Stock Exchange as well as Shanghai and Hong Kong Stock Exchanges is one of the leading oil and energy and chemical companies that has just concluded the main unit of the Al-Zour refinery project (ZOR) at Kuwait. The refinery, being one of the largest, is set to turn Kuwait as the biggest clean oil producing country in the Middle East region that would possess an annual processing capacity of 3,150 tons. The Company has been having its principal operations that include exploration and production, transportation, refining, sale of petroleum and natural gas, petrochemical and coal chemical products and also several other commodities and technologies. The Chemicals segment is concerned with chemical feedstock that arises primarily from refining segment and also involves production and sale of chemical product. It has also been involved in research and development and application of energy technologies.
The Al-Zour refinery project is also touted to be the largest one-time construction that has happened till date, which has been made possible out of the Sino-Kuwait co-operation. Close to about 500 companies from nearly 50 countries had been part of the project. An investment of about USD 1.39 billion is being made for the purpose of construction of this world-class refinery that was launched in the year 2015. The refinery will be primarily engaged in the production of diesel, kerosene, gasoline as per the Euro 5 emission standards.
Sinopec Luoyang Engineering, one of the general contractors working for the AL-Zour refinery project has started utilization of virtual designs by adopting an intelligent collaborative work system which involves collaboration with global partners as well as the sharing of data in order to finish the 15 process production plants. This also includes the hydrodesulfurization plant additionally. The encouragement provided to obtain materials that are sourced locally has helped the manufacturing industries in Kuwait to survive by offering opportunities for employment domestically, that is anticipated to boost the development of the domestic economy. The Company states that it intends to make available high-quality clean fuel with value addition for the global market, which is aimed at promoting Kuwait as a nation that can bring economic transitions nationally. As per the information available on the Company’s website, the Company has launched about 32 key engineering and construction projects that spans various sectors such as oilfield service, refining and chemical and pipeline, storage and transportation.
Saudi Arabia based Saudi Aramco has entered into a four-year deal with Sinopec International Petroleum Service Corporation, a subsidiary of Sinopec Oilfield Service by which Sinopec has agreed to supply six unconventional gas well rigs to Saudi Aramco. Saudi Aramco is currently holding about 62.5 percent stake in Yanbu Aramco Sinopec Refining Company (YASREF), with Sinopec holding the remaining 37.5 percent stake in YASREF. Sinopec, being an independent innovator, possesses a number of technologies and solutions, many of them considered to be world class in several areas such as oil refining, aromatic hydrocarbon, ethylene and many others. It also has developed capabilities for the purpose of construction of 10-million-tonnage refineries, including million-tonnage ethylene units and million-tonnage aromatic hydrocarbon units.
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