【Haichuan Chemical Salary News】Borealis LyondellBasel’s project worth over $10 billion to be established in Panjin

This is another major project with a total investment of over 10 billion dollars to be established in Panjin, following the agreement signed at the beginning of this year between Panjin Xincheng Group, China North Industries Group Corporation, and Saudi Aramco regarding the Huajin Aramco Petrochemical Project joint venture It is reported that this agreement fully reflects the principles of equal rights for both parties in the joint venture as well as the maximization of benefits for the joint venture company. The two parties plan to implement medium- to long-term petrochemical projects with a total investment of 12 billion US dollars (approximately 80 billion yuan) over the next 10 years. Once the project is fully completed, Panjin will become a world-class production base for polyolefins and chemicals, and it will also spur the development of related industries such as fine chemicals and productive service sectors. It is expected that this will generate industrial investment in the amount of over 100 billion yuan, further contributing to the high-quality development of Liaoning’s petrochemical industry.

Liaoning Baolai Enterprise Group is one of China’s top 500 private enterprises; it is a modern enterprise group that integrates petrochemicals, fine chemicals, wholesale of refined oil products, and logistics trade. LyondellBasell Industries, one of the world’s top 500 companies, is a multinational chemical company registered in the Netherlands, with its operational headquarters located in the United States and the United Kingdom; its products are available in more than 120 countries and regions. Seizing the significant opportunity presented by China’s further opening up to the outside world, LyondellBasell decided to invest in Liaoning and form a joint venture with Liaoning Baolai Group. This move has provided new impetus for optimizing the layout of the petrochemical industry in Liaoning and accelerating the modernization of its industrial chains. At the same time, it has created broader opportunities for the company to expand its presence in the Chinese market, improve its global strategy, and achieve mutual benefit through cooperation.

In 2018, the petrochemical and fine chemical enterprises above a certain scale in Panjin generated main business revenue of 189.8 billion yuan, making it the first industrial cluster in Liaoning Province to reach a revenue level of over 100 billion yuan. With the advancement of the Huajin-Aramco integrated refining and petrochemical project, which has a total investment of 10 billion US dollars (approximately 71.467 billion RMB), as well as the Baolai Basel light hydrocarbon comprehensive utilization project with a total investment of 17.236 billion RMB, a world-class oil and petrochemical project is on the verge of being established. This is like a much-needed rain after a long drought for the Northeast. Panjin, a city located on the red beaches of the Liaohe River Delta, has also become a new hope for the revitalization of the Northeast.

It is understood that the Huajin-Aramco integrated refining and chemical project has a total investment of over 10 billion US dollars, with China North Industries Group Corporation, Saudi Aramco, and Liaoning Panjin Xincheng Group holding 36%, 35%, and 29% of the shares respectively. The project mainly involves the construction of 38 units, including ones for oil refining with a capacity of 15 million tons per year, ethylene production with a capacity of 1.5 million tons per year, and p-xylene production with a capacity of 1.3 million tons per year, in addition to utility systems and supporting facilities. The project is located in the Liaodong Bay New Area of Panjin City, and is scheduled to enter trial operation in the second half of 2023. It is reported that Saudi Aramco will provide up to 70% of the crude oil supply. Meanwhile, the Baolai Light Hydrocarbon Comprehensive Utilization Project, with a total investment of nearly 17.3 billion yuan, has also reached half completion in terms of construction progress by the beginning of this year, and is expected to come online this year. It is reported that the construction site for this project is also located in the Liaodong Bay New Area of Panjin. The main construction components include a steam cracking unit with an annual capacity of 1 million tons, a pyrolysis gasoline hydrogenation unit with an annual capacity of 400,000 tons, an aromatic extraction unit with an annual capacity of 250,000 tons, a butadiene extraction unit with an annual capacity of 120,000 tons, a linear low-density polyethylene production unit with an annual capacity of 450,000 tons, a high-density polyethylene production unit with an annual capacity of 350,000 tons, and a polypropylene production unit with an annual capacity of 600,000 tons (two production lines of 200,000 tons each). It was primarily constructed by Liaoning Baolai Chemical Co., Ltd. Currently, Panjin City has a crude oil processing capacity of 25 million tons per year, and an ethylene processing capacity of 700,000 tons per year.

Congratulations:lol:lol

Congratulations on another major project being established in Panjin

Baolai has invested in a project that is likely to involve further processing at the downstream stage ============== The Baolai Light Hydrocarbons Comprehensive Utilization Project, with a total investment of nearly 17.3 billion yuan, has also reached halfway completion in terms of construction progress by the beginning of this year; it is expected to come online this year.