The Zhoushan green petrochemical base on Yushan Island includes a 173-billion-yuan ($25.91 billion) refining-chemical integration project. [Photo/WeChat account: zjzsqdxq]

The green petrochemical base on Yushan Island, Zhoushan Archipelago, Zhejiang province, generated 74.8 billion yuan ($11.57 billion) in output last year, local media reported.

The figure represents nearly 50 percent of the total industrial output in Zhoushan.

In 2015, Zhejiang Petroleum and Chemical Co started building a green petrochemical base on the island, which is expected to have an area of 41 square kilometers and includes a 173-billion-yuan refining-chemical integration project.

It is the largest such project in China and the fifth largest in the world, with an estimated annual processing capacity of 40 million metric tons.

Part of the refining-chemical integration project began operating at the end of 2019, with annual processing capacity of 20 million tons. It was completed six years earlier than planned and has processed a total of 21.83 million tons of crude oil and generated 69.55 billion yuan in revenue.

The second phase of the refining-chemical integration project is expected to be completed by the end of this year and will have an estimated annual processing capacity of 20 million tons.

Yushan Island will also construct a green petrochemical industry park to gather processing companies from home and abroad and further boost its international competitiveness.

After the entire refining-chemical integration project is put into operation, it will generate more than 250 billion yuan in output per year and offer 10,000 jobs.

To date, nearly 130 billion yuan has been invested into the green petrochemical base on Yushan Island, and in 2020 nearly 38.6 billion yuan was invested in fixed assets.