In China's far western region of Xinjiang, PetroChina Company Limited’s PTR Dushanzi Petrochemical Company recently announced the launch of an ethane-fed ethylene project worth 8.04 billion yuan ($1.24 billion).Asia's largest oil and gas producer PetroChina believes that this initiative will help minimize excessive reliance on foreign ethylene processing technologies. The ethane that will be utilized as a feedstock in the project will be extracted from the natural gas churned out at PetroChina’s Tarim oilfield. The project is expected to generate 600,000 tons of ethylene per year as well as 300,000 tons of high-density polyethylene and 300,000 tons of full-density polyethylene.Dushanzi Petrochemical presently has an ethylene capacity of 2 million tons per year. The company also completed the trial operation of an 800,000-tons-per-year ethane-to-ethylene plant in Shaanxi province in early August.Company SummaryPetroChina is the largest integrated oil company in China. It was established in November 1999 as part of the restructuring of China National Petroleum Corporation, a state-owned entity, which currently holds 81.03% stake in PetroChina. The company operates in four segments, namely Exploration & Production, Natural Gas & Pipelines, Refining & Chemicals, and Marketing.Zacks Rank & Key PicksPetroChina currently has a Zacks Rank #3 (Hold). Some better-ranked players in the energy space are Devon Energy Corporation DVN, Matador Resources Company MTDR and Continental Resources, Inc. CLR, each presently flaunting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here. Infrastructure Stock Boom to Sweep America A massive push to rebuild the crumbling U.S. infrastructure will soon be underway. It’s bipartisan, urgent, and inevitable. Trillions will be spent. Fortunes will be made. The only question is “Will you get into the right stocks early when their growth potential is greatest?” Zacks has released a Special Report to help you do just that, and today it’s free. Discover 7 special companies that look to gain the most from construction and repair to roads, bridges, and buildings, plus cargo hauling and energy transformation on an almost unimaginable scale.Download FREE: How to Profit from Trillions on Spending for Infrastructure >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Devon Energy Corporation (DVN): Free Stock Analysis Report PetroChina Company Limited (PTR): Free Stock Analysis Report Continental Resources, Inc. (CLR): Free Stock Analysis Report Matador Resources Company (MTDR): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research