Sinopec Shanghai Petrochemical (HKG:0338, SHA:600688) plans to invest approximately 21.3 billion yuan for a comprehensive technological transformation and quality upgrading project, according to a Hong Kong Stock Exchange filing on Sunday.
The project comprises the structural adjustment of oil refining devices and the installation downstream new materials devices that can produce 1.20 million tons of ethylene every year.
The construction of the main entity will take three years and the construction of other equipment will take about five years.
Moreover, the Chinese petrochemical company will also invest around 3.20 billion yuan to construct a new large-tow carbon fiber project outside of Shanghai.
The project will undergo a three-year construction period.
Sinopec's Hong Kong shares closed over 4% higher and Shanghai shares closed less than 2% lower.
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