On December 22, 2023, China Petroleum & Chemical Corporation and Henan Shenma Guoxing Industrial Investment Co., Ltd. signed an investment cooperation agreement. The two parties will jointly invest in and establish a joint venture to construct the Luoyang Petrochemical million-ton ethylene project and create a first-class green petrochemical advanced materials industry base in China.

It is reported that Henan Shenma Guoxing Industrial Investment Co., Ltd. was jointly established by China Pingmei Shenma Energy & Chemical Group Co., Ltd., Luoyang Guohong Investment Holding Group Co., Ltd. and Luoyang Longxing Investment Holding Group Co., Ltd.

The introduction of China Pingmei Shenma Group and other market entities in Luoyang Petrochemical's million-ton ethylene project is not only an effective exploration of deepening the reform of the investment system, but also helps promote deepening cooperation among local enterprises and accelerate the construction of Luoyang Petrochemical's million-ton ethylene project.