On June 10th, the comprehensive technological transformation & quality improvement and upgrading project of SPC was officially commenced. In order to implement the deployment requirements for promoting new industrialization and developing New Quality Productive Forces, and to promote the large-scale equipment renewal, contribute to Shanghai's "North-South Transformation" strategy and enhance the core competitiveness of the enterprise, SPC plans to invest approximately 21.3 billion yuan in this project and the main production units are expected to be completed and put into production within the year of 2028. After this, the goals of "safer, more environmentally friendly and more economical" will be achieved.

This project maintains the existing crude oil processing capacity of 14 million tons per year. Guided by the principle of "highest standards, most stringent requirements, optimal processes and best levels", it will adopt new processes, new technologies and new facilities through "replacing the old with the new" to further enhance the enterprise's intrinsic safety level and achieve the goal of "being safer".

The total investment in environmental protection for this project exceeds 1.3 billion yuan. The designed emission values are better than the relevant international, national and Municipal Shanghai's standards. After the project is completed, the total amount of pollutants discharged from the factory area will be further reduced, the ecological environment quality of the region will be improved, and the goal of "being more environmentally friendly" will be achieved.

After the project is completed, SPC's secure supply ability of jet fuel will be further enhanced, the refined oil products’ structure will be more logical, and the supply of new materials will be more diversified. It will help extend, supplement and strengthen the chains of high-end new materials and fine chemicals, increase tax contributions and create more job opportunities, thus achieving the goal of "being more economical".

The construction of the project is oriented towards high-end, intelligent and green directions, and is committed to realizing the transformation and upgrading of the enterprise's industrial structure as well as high-quality development. Meanwhile, through digital delivery and digital twin technology, the project will make SPC an intelligent factory.