PetroChina, Sinopec and CNOOC: A Roundup of 2026 Project Plans (Over RMB 450 Billion in Total)

Sinopec's project strategy for 2026 is clear: 'deep retrofit of old coastal and riverside bases + orderly new build at central and western bases'. The core logic is to force traditional fuel-type refineries into chemical-material plants through large-scale technical revamps, greatly increasing the share of ethylene and downstream new materials.

1. Maoming Petrochemical refinery transformation and ethylene quality upgrade

• Location: Maoming, Guangdong

• Investment: about RMB 30.5 billion

• Scope: a benchmark project in Sinopec's 'reduce fuels, increase chemicals' drive. While keeping crude processing capacity at 18 million t/y, it cuts refined fuel output by 1.85 million t/y and adds 1.67 million t/y of ethylene feedstock instead. Four key units are newly built, including a 3 million t/y catalytic cracking (DCC) and three other units. Ethylene capacity expands from 1 million t/y to 1.64 million t/y. Downstream, the focus is new units for 300,000 t/y propylene oxide, 240,000 t/y hydrogen peroxide and 100,000 t/y POE (polyolefin elastomer) units, filling domestic gaps in high-end polyolefins.

• 2026 progress: in the critical phase towards completion and start-up. Full mechanical completion is expected by the end of 2026, with some units such as propylene oxide already in trial operation.

2. Jiujiang Petrochemical 1.5 million t/y aromatics and refining supporting revamp

• Location: Jiujiang, Jiangxi

• Investment: over RMB 10 billion

• Scope: aimed at building a closed loop across 'refining + aromatics + PTA + PET'. Outdated atmospheric-vacuum units are retired and a new 1.5 million t/y aromatics extraction and supporting hydrocracking units are built, achieving a deep shift from fuel-type to chemical-material type.

• 2026 progress: full construction phase. Start-up and trial run are planned for October 2026; the site will become a demonstration model for refining-chemical transformation in central China.

3. Jinling Petrochemical No.1 hydrocracking unit revamp

• Location: Nanjing, Jiangsu

• Investment: over RMB 1 billion

• Scope: a thorough renewal of a nearly 40-year-old wax-oil hydrocracking unit, converted into a 1.5 million t/y diesel hydrocracking unit. After the revamp, naphtha yield rises sharply, enabling a flexible 'aromatics where aromatics are wanted, olefins where olefins are wanted' production mode - a classic case of an old unit reborn.

• 2026 progress: mechanical completion was achieved in February 2026, with formal trial production expected in May.

4. Hunan Petrochemical (Changling + Baling) ethylene integration supporting revamp

• Location: Yueyang, Hunan

• Investment: about RMB 35.7 billion

• Scope: by restructuring and integrating the resources of Changling Refining and Baling Petrochemical, two old 3.5 million t/y refining units are retired and the No.2 atmospheric-vacuum unit is expanded to 10 million t/y. A new 550,000 t/y light hydrocarbon recovery unit fills the ethylene feedstock shortfall, resolving a long-standing feedstock bottleneck.

• 2026 progress: construction peak. The light hydrocarbon recovery unit has started, and the overall project continues to advance.

5. Zhenhai Refining Phase II expansion (more oil-to-chemicals, more materials)

• Location: Ningbo, Zhejiang

• Investment: about RMB 50 billion

• Scope: on top of the existing 40 million t/y refining base, the 'reduce fuels, increase chemicals' strategy is deepened further. The focus is a 1.2 million t/y Phase II ethylene unit with supporting high-end polyolefin and ethylene oxide derivative units, targeting a chemical yield above 60%.

• 2026 progress: construction continues while some units come on stream. In 2026 the emphasis is on high-end new-material units and plant-wide digitalisation.

6. Yangzi Petrochemical light hydrocarbon utilisation and new materials revamp

• Location: Nanjing, Jiangsu

• Investment: about RMB 11.5 billion

• Scope: making full use of light hydrocarbon resources, with plans for new 100,000 t/y POE and 300,000 t/y vinyl acetate units, tackling the bottleneck of imported high-end copolymers.

• 2026 progress: early-stage development and partial start of works; already listed in Jiangsu Province's 2026 major project reserve.

7. Anqing Petrochemical transformation and relocation (oil-to-chemicals)

• Location: Anqing, Anhui

• Investment: tens of billions of RMB

• Scope: in support of the Yangtze River protection strategy, refining units are shut down or relocated, with emphasis on nylon and acrylic fibre raw materials and on biodegradable materials - a complete shift from 'fuel type' to 'fibre type'.

• 2026 progress: ongoing. 2026 is a critical period with key unit construction and old unit demolition proceeding in parallel.

8. Guangzhou Petrochemical transformation and upgrading

• Location: Guangzhou, Guangdong

• Scope: given the refinery's special location in the city centre, the focus is on safety and environmental upgrades and product-mix optimisation, sharply increasing the share of high-value chemical products and lowering environmental risk.

• 2026 progress: retrofitting continues, with emphasis on deep VOCs treatment and intelligent upgrading.

9. Tianjin Petrochemical Nangang ethylene and supporting works

• Location: Nangang, Tianjin

• Scope: leveraging the advantages of the Nangang Industrial Zone, a million-tonne-scale ethylene unit and downstream high-end new material units are newly built to create a high-end chemical base for the Beijing-Tianjin-Hebei region.

• 2026 progress: full construction phase, at the peak of civil works and installation.

1. Zhongke Refining Phase II

• Location: Zhanjiang, Guangdong

• Investment: RMB 38-40 billion

• Scope: a new 1.2 million t/y ethylene unit and supporting downstream units, improving the refining-chemical layout in South China and strengthening regional market competitiveness.

• 2026 progress: planned start. Environmental impact assessment disclosure is complete; construction is expected to begin formally in 2026, with start-up in 2027-2028.

2. Luoyang million-tonne ethylene project

• Location: Luoyang, Henan

• Investment: about RMB 27.8 billion

• Scope: a new 1 million t/y ethylene unit and 13 downstream production units, creating a new petrochemical highland in central China.

• 2026 progress: planned start. Preliminary work is advancing, and substantive construction may begin in 2026.

3. Xinjiang Tahe refining-chemical integration project

• Location: Kuqa, Xinjiang

• Investment: about RMB 30 billion

• Scope: 8.5 million t/y refining, 800,000 t/y ethylene and 800,000 t/y aromatics units, leveraging local resource advantages to advance refining-chemical integration.

• 2026 progress: construction continues. Started in 2025, with 2026 at the peak of civil works and installation; start-up is expected in 2028.

4. Fujian Gulei refining-chemical integration Phase II

• Location: Zhangzhou, Fujian

• Scope: building on Phase I, further extending and completing the chain and adding capacity for high-end polyolefins and fine chemicals.

• 2026 progress: preliminary preparation and partial start of works; 2026 focuses on project approval and preliminary work.

PetroChina's project layout shows a marked 'west in, east move' pattern: the west (Xinjiang, Gansu) focuses on local resource conversion and ethylene expansion, while the east (Dalian, Guangxi) focuses on relocating and rebuilding bases and extending the value chain.

1. Dalian Petrochemical Xizhong Island relocation and upgrade

• Location: Xizhong Island, Dalian, Liaoning

• Investment: about RMB 68.5 billion

• Scope: China's first case of relocating and rebuilding a large refinery. The original site is shut down and a new 10 million t/y refinery plus 1.2-1.4 million t/y ethylene units are built on Xizhong Island. Products focus on high-end polyolefins (PP, HDPE, LDPE, POE, propylene oxide). The project not only frees space for Dalian's urban development but also achieves a generational leap in technology.

• 2026 progress: the year of formal start. Disposal of materials at the old plant was completed by the end of 2025, and construction of the new site starts in earnest in 2026.

2. Fushun Petrochemical 800,000 t/y ethylene debottlenecking

• Location: Fushun, Liaoning

• Investment: several billion RMB

• Scope: raising ethylene capacity from 800,000 t/y to 950,000 t/y. A 'building-block' modular construction technique is used to build new cracking furnaces without disrupting existing production. A new 200,000 t/y solution-process polyethylene unit is added downstream.

• 2026 progress: late construction / start-up preparation. Progress exceeded 60% by the end of 2025, with start-up or completion expected in 2026.

3. Lanzhou Petrochemical transformation and ethylene revamp

• Location: Lanzhou, Gansu

• Investment: RMB 10 billion scale

• Scope: expanding and upgrading existing ethylene units and introducing the latest cracking technology to raise di-olefin yield. Positioned as a demonstration project for high-quality development in the Yellow River basin, it aims to address the shortage of high-end polyolefins in northwest China.

• 2026 progress: approval / start-up preparation. Included in the 15th Five-Year Plan; 2026 is a key launch period.

4. Guangxi Petrochemical integration extension (EVA project)

• Location: Qinzhou, Guangxi

• Investment: about RMB 4.5 billion

• Scope: on top of the RMB 30.5 billion integrated project (on stream in 2025), building a new 300,000 t/y tubular EVA unit and a 100,000 t/y autoclave EVA unit in 2026, aimed squarely at filling the domestic gap in solar-grade EVA.

• 2026 progress: construction started. Formally commenced in January 2026, with start-up expected in 2027-2028.

5. Dushanzi Petrochemical Tarim Phase II ethylene project

• Location: Korla, Xinjiang

• Investment: about RMB 29 billion

• Scope: a benchmark project in the west, with a new 1.2 million t/y ethylene unit and a domestic equipment rate above 98% (including the three ethylene compressor trains). It adopts 'blue hydrogen coupling' technology to create a zero-carbon park.

• 2026 progress: full completion and start-up. 2026 is the closing year for start-up, marking a major breakthrough in western ethylene capacity.

6. Jilin Petrochemical transformation (refining + ethylene)

• Location: Jilin, Jilin

• Investment: tens of billions of RMB

• Scope: in step with Songhua River treatment and urban relocation, the refining structure is adjusted and a new 1.2 million t/y ethylene unit with downstream ABS and other units is built.

• 2026 progress: construction continues, with 2026 at the peak of equipment installation and piping.

7. Urumqi Petrochemical fertiliser-to-chemicals revamp

• Location: Urumqi, Xinjiang

• Scope: using oil and gas resources within Xinjiang to shift from fertiliser to chemicals, developing polyester and engineering plastics and raising product added value.

• 2026 progress: ongoing, with 2026 focusing on unit revamps and trial production of new products.

8. Ningxia Petrochemical refining adaptability revamp

• Location: Yinchuan, Ningxia

• Scope: advancing adaptability revamps of refining units and increasing the share of chemical feedstock output to meet regional market demand.

• 2026 progress: ongoing revamp, with 2026 focusing on optimising the product mix.

9. Liaoyang Petrochemical polyester feedstock optimisation

• Location: Liaoyang, Liaoning

• Scope: focusing on polyester feedstock optimisation, improving the energy efficiency of aromatics units and remedying safety hazards.

• 2026 progress: ongoing revamp, with 2026 focusing on energy saving and safety upgrades.

Sichuan Petrochemical Pengzhou base: continuing to optimise refining-chemical integration and improve supply capability in the southwest.

Guangdong Petrochemical Jieyang base: after the 20 million t/y integrated refining-chemical project came on stream, 2026 focuses on downstream value-chain extension and high-end upgrading.

Heilongjiang Daqing Petrochemical: a model of old industrial base transformation, focusing on refining-chemical structural adjustment and new-energy coupling projects.

CNOOC's 'revamping' is more about industrialising R&D results and making efficient use of associated gas from offshore oil and gas fields. There are relatively few large onshore refining-chemical revamps, but they are distinctive, focusing on high-end chemicals and the translation of marine engineering technology.

1. CNOOC and Shell Huizhou Phase III ethylene project

• Location: Huizhou, Guangdong

• Investment: about RMB 52.1 billion

• Scope: building a new 1.6 million t/y ethylene unit and 18 downstream chemical units on the existing base. Total ethylene capacity will reach 3.8 million t/y, keeping it the largest single-site ethylene plant in China. It focuses on high-value products such as LAO, PAO and mLLDPE.

• 2026 progress: full construction. Progress reached 42.49% in January 2026, at the peak of civil works and installation; start-up is expected in 2027-2028.

2. CNOOC Energy Technology Bolong Lake R&D pilot base Phase I

• Location: Tianjin High-tech Zone

• Investment: several hundred million RMB

• Scope: building a pilot verification platform for offshore oil technology - a key step in translating laboratory results into industrial technology.

• 2026 progress: under construction; listed as a Tianjin 2026 key construction project.

3. CNOOC Tianhua Gaoke chemical technology industrialisation base Phase I

• Location: Tianjin Economic-Technological Development Area

• Investment: several hundred million RMB

• Scope: focusing on building and revamping industrialisation lines for high-end chemicals such as specialty resins and fine chemicals.

• 2026 progress: under construction; listed as a Tianjin 2026 key construction project.

4. CNOOC (Tianjin) Oilfield Chemicals Nangang project

• Location: Nangang, Tianjin

• Scope: building a production base for oilfield chemicals to serve development needs in the Bohai Bay oil and gas fields.

• 2026 progress: under construction / start-up; 2026 focuses on unit construction and commissioning.

5. CNOOC Tianjin chemical new materials base Phase II

• Location: Tianjin

• Scope: further expanding capacity for new chemical materials and improving the value-chain layout.

• 2026 progress: early stage / construction; 2026 advances project implementation.

6. Daxie Petrochemical 2 x 450,000 t/y polypropylene

• Location: Zhoushan, Zhejiang

• Scope: using refining-chemical by-products to build new polypropylene units and significantly raise product added value.

• 2026 progress: under construction / start-up; 2026 focuses on advancing construction.

7. Dongfang Petrochemical technical revamp (Hainan)

• Location: Dongfang, Hainan

• Scope: using South China Sea natural gas resources to deepen methanol downstream processing and develop biodegradable materials (PBAT/PBS), supporting the Hainan Free Trade Port policy and a green chemicals transition.

• 2026 progress: planning / preliminary.

8. Fujian LNG differential-pressure power generation and cold energy comprehensive utilisation demonstration project

• Location: Putian, Fujian

• Scope: using cold energy from an LNG terminal for power generation and deep processing, greatly improving energy efficiency.

• 2026 progress: under construction / start-up; 2026 focuses on project implementation.

These projects reveal five core investment trends for the three majors in 2026:

First, 'reduce fuels, increase chemicals' has moved from strategic slogan to concrete KPI.

It is no longer a vague direction but specific numerical targets. Maoming Petrochemical, for example, explicitly cuts refined fuel by 1.85 million t/y and adds 1.67 million t/y of chemical feedstock; Zhenhai Refining sets a chemical yield target above 60%. This marks a fundamental change in how refining-chemical companies make money.

Second, 'large-scale' and 'single-train' units have become mainstream.

Retrofit projects tend to shut down several small units and consolidate into a single million-tonne-scale ethylene or ten-million-tonne-scale refining unit (as at Dalian Petrochemical and Jiujiang Petrochemical), minimising unit energy consumption and investment cost and enhancing scale effects.

Third, 'filling gaps' in high-end new materials is the core driver.

Almost every retrofit project includes units for POE (polyolefin elastomer), EVA (solar-grade), high-end polyethylene (metallocene), acrylonitrile, adiponitrile and other products previously heavily reliant on imports. This is a strategic requirement for national supply-chain security and a new profit growth point for companies.

Fourth, 'intrinsic safety' and 'digitalisation' of ageing units advance in step.

For units that have run for 20-40 years (such as Jinling Petrochemical and Fushun Petrochemical), the revamp is not only about capacity but about eliminating safety hazards (SIS upgrades, explosion-proof retrofits) and achieving 'lights-out factories' (APC advanced control, digital twins), raising the level of intrinsic safety.

Fifth, green and low-carbon has become a 'hard constraint'.

CCUS (carbon capture), green hydrogen coupling (such as the Dushanzi project) and deep waste-heat utilisation have become standard in retrofit projects, responding to increasingly strict carbon policies and international green trade barriers.