GUANGZHOU - A petrochemical project of China National Petroleum Corporation (CNPC), China's leading oil and gas producer, has become fully operational in southern province of Guangdong this week.

The project, with a total investment of 65.4 billion yuan ($9.41 billion), processes 20 million tons of crude oil per year, while producing 1.2 million tons of ethylene products and 2.6 million tons of paraxylene.

As a key project to support the Guangdong-Hong Kong-Macao Greater Bay Area strategy, the Guangdong petrochemical project is a refining and chemical integration capable of producing a full range of petrochemical products, including more than 20 kinds of oil products and 200 kinds of chemical products.

The project will significantly reduce the dependence of Guangdong's industries, such as household appliances and electronics, on chemical materials from external sources, and will nurture middle and downstream industries worth about 560 billion yuan in the province.