Signing of the integrated project for the deep processing of 4 million tons of heavy oil and coal in Xinjiang Zhongtai

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Signing of the Xinjiang Zhongtai 4 million tons per year integrated project for the deep processing of heavy oil and coal / Author/Source: Date: 2018-09-03 Clicks: 56 Reporters learned from the “6th China-EEC Expo: Promotion Meeting for Accelerating the Development of the Core Area of the Silk Road Economic Belt and Ceremony for Signing Key Projects” held on the 30th that Xinjiang Zhongtai will invest over 27 billion yuan in Korla, Bayingolin Mongol Autonomous Prefecture, to build an integrated facility for the deep processing of heavy oil and coal with an annual production capacity of 4 million tons. Li Liangfu, deputy general manager of Xinjiang Zhongtai (Group) Co., Ltd., said after the signing ceremony on site that the company’s 1.2 million-ton PTA project will come online next year, and this project will form an industrial chain with the PTA project. He also said that the project will make full use of Xinjiang’s abundant coal resources to help Bayingolin Mongol Autonomous Prefecture become a base for coal chemical and petrochemical industries. It is understood that if the oil-coal co-processing project comes online, it could generate annual sales revenue of 20 billion yuan, total profits and taxes of 3.8 billion yuan, provide direct employment for 5,000 people, and indirectly create jobs for over 30,000 others. Xinjiang Zhongtai (Group) Co., Ltd. (referred to as “Zhongtai Group”) is a wholly state-owned company funded by the people’s government of the Xinjiang Uyghur Autonomous Region and under the direct supervision of the Regional State-owned Assets Supervision and Administration Commission. Its headquarters is located in the Economic and Technological Development Zone of Urumqi, Xinjiang. It originated from the Xinjiang Caustic Soda Plant, which was established in 1958. In December 2001, it underwent a shareholding system reform, giving rise to Xinjiang Zhongtai Chemical Co., Ltd. (abbreviated as “Zhongtai Chemical”, stock code 002092), which was listed on the Shenzhen Stock Exchange in 2006. In July 2012, the People’s ** of the autonomous region established Zhongtai Group on the basis of Zhongtai Chemical, and it is the actual controller of Zhongtai Chemical. The company currently has 145 subsidiaries under its control or in which it holds shares. It has established 10 industrial parks in areas such as Midong, Fukang, Toksun, Korla, Alar, and Aksu in Xinjiang, as well as in Tajikistan. Its circular economy industry chain enables annual production of 2.6 million tons of polyvinyl chloride resin (abbreviated as “PVC”), 1.8 million tons of caustic soda, 2.8 million kilowatts of backpressure units, 3.6 million tons of calcium carbide, 2 million tons of cement made from waste residues, 270,000 tons of 1,4-butanediol (abbreviated as “BDO”), 1 million mu of cotton cultivation, 600,000 tons of cellulose fibers, 3 million spindles for spinning, and 400,000 tons of cotton pulp. The industry covers chlor-alkali chemicals, power generation, viscose textiles, advanced PVC processing, fine chemicals, petrochemicals, overseas investment, modern logistics, finance and trade, agricultural tourism, etc. It has become a leader in the chlor-alkali and viscose fiber industries across the country, as well as an important state-owned asset management and investment and financing platform in the autonomous region. Currently, the company manages total assets of over 100 billion yuan, with annual sales revenue reaching 50 billion yuan. It employs 39,000 people directly, while creating an additional 300,000 jobs indirectly. On that day, a project to produce ethylene from ethane with an annual capacity of 600,000 tons and a total investment of nearly 11.1 billion yuan was also signed in Korla City by CNPC’s Tarim Oilfield Branch. This project is the first large-scale ethylene production facility in southern Xinjiang, and it will fill the gap in China in terms of producing ethylene using domestic ethane resources. In the Korla Petroleum and Petrochemical Industrial Park, facilities will be built for the recovery of 762,000 tons per year of ethane, production of 600,000 tons per year of ethylene, 300,000 tons per year of full-density polyethylene, and 300,000 tons per year of high-density polyethylene; in addition, polyethylene products, by-product hydrogen, fuel gas, and C3+ products will also be produced there. Construction is scheduled to begin at the end of 2018, with completion and operation expected by June 2021.