The National Development and Reform Commission has approved an integrated refinery and petrochemical project to be built in Taizhou, Jiangsu province, with a designed annual capacity to refine 20 million metric tons of oil and producing 1.2 million tons of ethylene, Cheng Jing, chief of the local management commission of Taizhou Bay Circular Economy Industrial Clustering Zone, said in Beijing on Wednesday.

Three oil giants, including China's largest offshore oil company CNOOC, Europe's largest oil company Royal Dutch Shell Plc, and Qatar International Petroleum, will invest 110 billion yuan ($16.1 billion) in the new facility, Cheng said.