(Yicai Global) Aug. 19 --  Oriental Energy, a major Chinese liquefied natural gas trader, will  invest CNY40 billion (USD5.7 billion) in a petrochemical project in the  southern port city of Maoming.

The new plant will produce  polypropylene, polyethylene, as well as hydrogen, the latter of which  is useful for the government's clean energy plan, the Nanjing-based firm  said in a statement, without disclosing the schedule or the designed  capacity. 

Last year, Oriental Energy  said it will expand its downstream business by building two  polypropylene plants in Jiangsu's Lianyungang and Zhejiang's Ningbo with  a total annual output of 1.2 million tons.

Editor: Emmi Laine