26.6 billion yuan invested in Lianyungang to build China’s first high-end new materials industrial park for the comprehensive utilization of α-olefins

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On June 24, 2024, the construction of China’s first high-end new materials industrial park for the comprehensive utilization of α-olefins, a project invested in and built by Satellite Chemical in the Xuwéi New Area of Lianyungang, officially commenced. 　　With a total investment of 26.6 billion yuan, this project is a key strategic initiative by Satellite Chemical to establish a low-carbon chemical new materials technology company, centered on the integration of light hydrocarbons. The project utilizes independently developed high-carbon α-olefin technology to develop high-end new materials such as advanced polyolefins, polyethylene elastomers, lubricant base oils, and polyethylene with extremely high relative molecular mass, while also making use of the hydrogen gas generated as a by-product. 　　Yang Weidong, president of Satellite Chemical, said that this project represents the first industrial application of the α-olefin technology independently developed by Satellite Chemical. Leveraging this project, Satellite Chemical will accelerate the development of industries related to new energy, new materials, and high-end chemicals, as well as the substitution of imported products with domestic alternatives. It will continue to move up the value chain, innovation chain, and industrial chain, thereby helping Lianyungang to rapidly build a petrochemical industry cluster worth trillions of yuan. The project will drive the convergence in the park of downstream industries such as green hydrogen, high-end polyolefins, and new polymer materials, thereby greatly enriching and optimizing the park’s industrial structure and facilitating the transformation and upgrading of the manufacturing sector toward higher quality and greener practices. 　　It is understood that α-olefins are key raw materials for high-end polyolefins such as POE (polyolefin elastomers) and high-end lubricants. However, due to the long-term lack of independent core technologies in high-performance catalysts, polymerization processes, and key equipment, a large amount of α-olefins and their derivatives must be imported each year.