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Rongsheng Petrochemical: A controlling subsidiary plans to invest 19.6 billion yuan to build an integrated refining and upgrading transformation project

K-LinePoet
Rongsheng Petrochemical announced that its controlling subsidiary, Zhejiang Petrochemical Co., Ltd., plans to invest in an upgrade and renovation project for an integrated refining and chemical complex. The project is expected to have a total investment of approximately 19.6 billion yuan, and the construction and installation period is expected to be 2 years. The project has been examined and approved at the company’s 7th session of the Board of Directors, 7th meeting, and therefore does not require submission for review by the shareholders’ meeting. After completion, the project is expected to generate net profit of 1.41 billion yuan per year, and the after-tax financial internal rate of return is expected to be 11.08%.
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