Sinopec Zhejiang Dongxing Petrochemical Co. Ltd. put into operation its new facilities for oil refining on Sunday.

The project, involving a total investment of 2.347 billion yuan, is expected to generate 27 billion yuan of sales revenue for the company and increase its annual tax payments by 424 million yuan.

Sinopec Zhejiang Dongxing Petrochemical Co. Ltd. reported annual sales revenue of 20.5 billion yuan for 2008 and paid 2.915 billion yuan of taxes.

It is the first company to have recorded over 20 billion yuan of annual output value in Zhanjiang city of southern China's Guangdong province.