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Rongsheh Petrochemical Company is hoping to build a massive refinery in the South China Sea, according to an article from Business Insider UK.
The company has announced that it has secured a 20% stake in a Chinese company that would take over the Rongheng petrosite project in the Paracel Islands in the south of the Philippines.
The Philippines has been plagued by a chronic shortage of raw materials, which has led to food and fuel shortages, particularly in the area of Rongcheng, where Rong Sheng is located.
Rong sheng petrografical company hopes to create an “oil refinery” that would produce petrochemicals from the paracelite to the port of Marawi.
Rangsheng is one of the world’s largest petro chemical companies, producing about 70% of the chemicals used in the global petro chemicals industry.
Petrosites are extremely difficult to extract, so they are generally extracted from a deep ocean bottom.
This has meant that Rongheng, in the waters around Rongguan in the Philippines, has been a bottleneck in petro chemistry.
It’s a project that could change this.
RONG SHENG PETROCHEMICAL CORPORATION (RSP) CEO, Rongchao Zhang, said that Rang Sheng Petrosite Company has secured the 20% investment, which is part of the RPP’s investments in new projects in the Southeast Asian region.
The project has been approved by the Philippines government, which will give the company a 5-year contract to develop the petro-chemical processing facility.
The new petro refinery will be based in Rong Cheng, which lies in the vicinity of the Marawi refinery.
RPP has also secured a 10-year lease on a portion of the Paraca Island.
According to the company, the new petrosites will be able to process about 100,000 barrels of paracelsites per day.
The Petrosites are among the most popular petro compounds in the world.
They are commonly used in plastics, automotive parts, paint, and pharmaceuticals.
RPI has also recently entered into an agreement with a consortium of oil producers to build the Rangheng Petrochemistry Research Center, which aims to develop new petrogrochemics.