On December 14, China Petroleum & Chemical Corporation and the Hainan Provincial Government signed a strategic cooperation framework agreement in Beijing to deepen and expand cooperation areas and promote the construction of major projects. In addition, both parties reached consensus on accelerating the advancement of major projects such as ethylene, refined oil, and crude oil commercial reserves. In the future, both parties will speed up the construction of one million tons ethylene project and strive to complete and put into operation the project in 2013. After the project is put into production, it will provide 300 billion yuan of industrial output value for Hainan each year.
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