China's Sinopec tests crude to chemicals trial successfully

China's Sinopec, said it has successfully tested its key project that converts crude oil directly into ethylene, propylene and other chemical products which makes it possess the first industrial application of crude oil steam-cracking technology in China.

"The milestone is of great significance to the transformation and upgrading of China's petrochemical industry, also contributing to achieve "dual carbon" goals," said the company in a statement on Wednesday.

The company said that the technology was developed and engineered by Sinopec's Beijing Research Institute of Chemical Industry and Sinopec Engineering Group (SEG) and the industrial testing was carried out at Sinopec Tianjin. The company said that only ExxonMobil has the same technology.

"It's estimated that for every 1 million tons of crude oil processed by this technology, nearly 500,000 tons of chemical products can be produced, 400,000 tons of which are high-value products such as ethylene, propylene, light aromatics and hydrogen," said Sinopec in the statement.

The company said that the yield is about 50 percent, and is expected to increase the total amount of chemicals produced by crude oil to more than 70 percent.