【Progress on HaiChuan Project Construction】The first large-scale tower unit for the Shenghong Chemical New Materials project, with a total investment of 21.6 billion yuan, has been installed in place

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On March 25, 2023, more good news came regarding the construction of the Shenghong Chemical New Materials Project, a major project in Jiangsu Province: the first tower of the C5/C9 unit – the decarboxylation tower – was successfully lifted and installed. It became the first large-scale tower to be installed as part of the project, marking the start of accelerated construction efforts for this project. The tower was delivered to the site on March 14, and after 10 days of round-the-clock efforts by the construction team, the preliminary tasks such as pipeline welding, installation of personal protective equipment and lighting systems, as well as anti-corrosion and insulation work were successfully completed, rendering the tower ready for lifting. On the day of installation, the crawler crane and the tailer crane worked in close coordination, with personnel from various departments collaborating effectively; the installation was completed in just over 90 minutes. The successful installation of this tower marks the official entry of the Shenghong Chemical New Materials project into the equipment installation phase, representing another milestone in the project’s progress and providing a solid foundation for the rapid advancement of subsequent construction work. Since the beginning of this year, the Shenghong New Materials project has focused on its annual goals, seized the \"golden period\" for project construction, and accelerated its construction pace to move forward swiftly toward achieving its set objectives. To date, 90% of the pile foundation construction for the project has been completed, and it is now in the final stages of construction. 25% of the civil infrastructure work has been finished, while 60% of the installation work for the pipeline systems has been completed. More than 2,600 workers are working on site every day to advance the construction. It is expected that by April, the project will complete all pile foundation work and the installation of underground pipes, and will then enter the phase of steel structure and equipment installation. The total investment in Shenghong Chemical’s new materials project is 21.6 billion yuan; it is planned to produce 700,000 tons of EVA per year, as well as 50,000 tons per year of high-end polyolefins, in addition to products such as PO/SM and polyols. Once the project is fully completed, Shenghong will achieve its strategic goal of producing millions of tons of EVA, and will become the world’s largest supplier of high-quality EVA. It will hold the highest market share in the global market for photovoltaic-grade EVA, thereby providing a stable foundation for the transition to clean energy. In addition, the high-end hot-melt grade EVA produced by this project, the 110KV ultra-clean LDPE cable materials, as well as EnBA and its derivative products, will fill existing gaps in China’s market. They will provide support for the development of China’s high-end polymer industry and contribute to the growth of sectors such as electronic information, automobile manufacturing, and aerospace. At the same time, the PO/SM and polyol projects will make comprehensive use of the ethylene, propylene, and benzene produced by the Shenghong refining and chemical integration project for further processing, in order to produce polyether polyols (PPG) and polymer polyols (POP) products; this will ultimately allow the industrial chain to be extended into the polyurethane sector. Once completed, the project will further address the shortage of domestic polyurethane raw materials, significantly enhance the overall economic efficiency and competitiveness of the project, and enable it to gain an advantage in market competition.