[Haichuan Chemical Salary Updates] The Shenghong refining and chemical integration project is expected to come online by the end of 2021
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On April 9, Dongfang Shenghong released its annual report for 2019. According to the announcement, the company achieved operating revenue of 24.888 billion yuan in 2019. It is understood that in 2019, Dongfang Shenghong carried out vertical integration along the industrial chain by acquiring 100% of the shares in Shenghong Refining & Chemicals and Honggang Petrochemicals, thereby creating a complete new high-end textile industry chain framework that covers \"crude oil refining – PX/ethylene glycol – PTA – polyester – fibers\". The production entity in the PTA business segment is Honggang Petrochemical, which currently has a PTA production capacity of 1.5 million tons per year, with an additional 2.4 million tons per year of capacity under construction. The entity responsible for implementing the refining and chemical processing business is Shenghong Refining & Chemicals. Currently, the integrated project of Shenghong Refining & Chemicals is under construction; its capacity includes 16 million tons per year of oil refining, 2.8 million tons per year of p-xylene, 1.1 million tons per year of ethylene and its derivatives. The project also includes a crude oil terminal with a capacity of 300,000 tons per year, as well as 4 liquid chemical terminals with a capacity of 50,000 tons each. The company expects to begin operations by the end of 2021.
It is reported that once this project is fully completed, the p-xylene (PX) produced by Shenghong Refining and Chemical will be supplied directly to Honggang Petrochemical for the production of purified terephthalic acid (PTA). The PTA produced by Honggang Petrochemical, along with the ethylene glycol (MEG) produced by Shenghong Refining and Chemical, will then be supplied to Guowang High-Tech for the manufacture of differentiated chemical fibers such as POY, FDY, and DTY, thus creating a complete industrial chain that spans from \"a drop of oil\" to \"a strand of fiber\". By then, the profitability of the company’s full industrial chain development will be further enhanced, and its operational efficiency will be fully realized.
In Lianyungang, only Shenghong is earnestly advancing the project construction, while the other companies keep delaying things once they have obtained the land and benefited from the policies.
In fact, with a series of large-scale oil refining and chemical projects being launched in China, can the country import that much crude oil?
At present, oil products are not a problem, considering the layout of the industrial chain
Are there any large petrochemical projects in Lianyungang? I remember that initially, Sinopec wanted to build a large oil refinery in Lianyungang; agreements were reached, and a port with a capacity of 600,000 tons was also planned
Sinopec’s 15 million-ton refining project has been terminated. There are also a few other private projects, mainly \"ethane cracking projects,\"; it is estimated that the raw materials for these projects have not been secured.
Construction of the civil infrastructure only started last year, and it’s scheduled to go into operation by the end of next year – the timeline is very tight
The ethylene plant began pile driving last December; it will take about 2 years. The refinery can start operating earlier; there’s no issue with the timing. I’m not aware of the situation regarding aromatic hydrocarbons. What is it called when an integrated project is self-managed by three separate companies?
I’m not sure exactly; it’s possible that each project has different investment shareholders, and management is carried out in accordance with capital principles