The world's first one-time investment in the construction of a project with annual refining capacity of 20 million tons, the Sino-Violet joint venture Guangdong Petrochemical Refinery Project has been officially approved by the National Development and Reform Commission. The construction site of the project is Huilai County, Jieyang City, Guangdong Province. The total planned investment is 58.611 billion yuan, of which China National Petroleum Corporation holds 60% of the shares, and Venezuela's National Petroleum Corporation accounts for 40% of the shares. This project is a key construction project of the country and Guangdong Province and is an important part of the national energy security strategy. It is of great significance to deepen China's international energy cooperation and increase domestic oil supply.
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