Apr 03 2012
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SINOPEC and SABIC Joint Venture for a Large Scale Petrochemical Project in Tianjin
3 April, 2012,
Sinopec SABIC Tianjin Petrochemical Company (SSTPC) laid the foundation for a polycarbonate production complex with 260 kilo metric tonnes per annum capacity, at a ground-breaking ceremony in the Tianjin Binhai New Area. Previously, China Petroleum & Chemical Corporation (Sinopec) and Saudi Basic Industries Corporation ( SABIC ) had cooperated on an ethylene production project with a capacity of one million metric tonnes per annum.
The ceremony was officiated by His Highness Prince Saud bin Abdullah bin Thenayan Al-Saud, Chairman of Royal Commission Jubail and Yanbu, and Chairman of SABIC ; Zhang Gaoli, Member of the Political Bureau of the CPC Central Committee, Tianjin Party Secretary; Huang Xingguo, Tianjin Deputy Party Secretary, Tianjin Mayor; Mohamed Al-Mady, SABIC Vice Chairman and CEO; He Lifeng, Tianjin Deputy Party Secretary, Secretary of Binhai New Area; Yang Dongliang, Member of Tianjin Municipal Standing Committee, Tianjin Executive Vice Mayor; Fu Chengyu, Chairman of Sinopec; Wang Tianpu, Vice Chairman and President of Sinopec; Dai Houliang, Senior Vice President of Sinopec.
Incepted in October 2009, SSTPC is a joint venture with SINOPEC and SABIC each holding 50 percent equity. The Phase One project, with annual capacity of one million metric tonnes of ethylene, has begun production since January 2010. With a total investment of RMB11 billion (USD 1.7 billion) and covering a ground area of 67 hectares, this polycarbonate production complex with an annual capacity of 260,000 metric tonnes is the Phase Two project and was approved by China's National Development and Reform Commission (NDRC) on 13 January 2012. With two sets of phosgene free production systems, with an annual capacity of 130 kilo metric tonnes each, to be built, the new polycarbonate production complex will start construction on 3 April 2012 and is expected to be operational in 2015. Upon operation, it can produce four major classes of polycarbonate, including the mixed grade, extrusion grade, optical grade, and molding grade polycarbonate. The project uses the world's leading non-phosgene polycarbonate manufacturing technology, which complies with China's national energy saving and carbon emission policy. With the advanced equipment, the products are designed to be high tech and high value-added which can be used for a wide range of applications. Hence, it will play an important role in promoting the development of Tianjin petrochemical industry and drive the economic growth in the Bohai rim region, which can effectively meet the market demand of petrochemicals in Asia-Pacific.
Fu Chengyu added: "This project is the fruitful result of the cooperation between Sinopec and SABIC . It is also an important move for Sinopec to adjust our product mix, to elevate our target product market, and to expedite the change of the ways of economic developments. The construction of the complex will further enhance the competitiveness and lead China's way in the petrochemical sector. It also brings both parties to form a closer tie in strategic cooperation, as well as to tighten the bilateral relations between China and Saudi Arabia. Both parties are committed to strive for efficiency, excellence, safety and environmental-friendliness in the project."
Demand growth for polycarbonate is the fastest among the top five engineering plastics. Polycarbonate has high purity and transparency properties. With its excellent overall performance, it is widely used in automotive parts, home appliances, medical products, etc. With the recent growth in industries such as electronics, automotive, information technology and building materials, there is a significant increase in China in the demand of polycarbonate and other engineering plastics. In 2010, China consumed 1.13 million metric tonnes of polycarbonate, with a domestic output of 220,000 metric tonnes only. China mainly relies on imports for polycarbonate, and hence, polycarbonate was the highest by volume of import among all engineering plastics. Based on initial estimation, demand for polycarbonate in China will reach 1.78 million metric tonnes by 2015, an average annual increase of nearly 10%.
China Petroleum & Chemical Corporation ("Sinopec") is a large scale integrated energy and chemical company with upstream, midstream and downstream operations. Its principal business includes: exploring, developing, producing and trading crude oil and natural gas; producing, storing, transporting and distributing and marketing petroleum products, petrochemical products, synthetic fiber, fertilizer and other chemical products. Sinopec is China's largest manufacturer and supplier of petroleum products and major petrochemical products. It is the second largest producer of crude oil in China. Its refining capacity and ethylene capacity rank No.2 and No.4 globally. The Company has 30,000 sales and distribution networks of oil products and chemical products, its service stations is now ranked third largest in the world. Sinopec Group, the parent company, is ranked the 5th in Fortune Global 500 in 2011. Sinopec listed in Hong Kong, New York, London and Shanghai (CH：600028；HKEX：386；NYSE: SNP；LSE: SNP). For additional information about Sinopec Corp., please visit the Company's website at www.sinopec.com
Saudi Basic Industries Corporation ( SABIC ) ranks among the world's top petrochemical companies. The company is among the world's market leaders in the production of polyethylene, polypropylene and other advanced thermoplastics, glycols, methanol and fertilizers.
SABIC recorded a net profit of SR 29.24 billion (US$ 7.80 billion) in 2011. Sales revenues for 2011 totaled SR 189.90 billion (US$ 50.64 billion). Total assets stood at SR 332.78 billion (US$ 88.74 billion) at the end of 2011.
SABIC 's businesses are grouped into Chemicals, Polymers, Performance Chemicals, Fertilizers, Metals and Innovative Plastics. SABIC has significant research resources with 17 dedicated Technology & Innovation facilities in Saudi Arabia, the USA, the Netherlands, Spain, Japan, India and South Korea. The company operates in more than 40 countries across the world with more than 33,000 employees worldwide.
SABIC manufactures on a global scale in Saudi Arabia, the Americas, Europe and Asia Pacific.
Headquartered in Riyadh, SABIC was founded in 1976 when the Saudi Arabian Government decided to use the hydrocarbon gases associated with its oil production as the principal feedstock for production of chemicals, polymers and fertilizers. The Saudi Arabian Government owns 70 percent of SABIC shares with the remaining 30 percent held by private investors in Saudi Arabia and other Gulf Cooperation Council countries.About SSTPC
SSTPC is a mega-size petrochemical enterprise jointly invested by SINOPEC and SABIC at 50:50 shares. The investment totaled RMB 18.38 billion. As the largest ethylene joint venture company in circum-Bohai region, its main business concentrates on production, marketing and R&D of ethylene and derivatives. Phase I Project is 1000 KTA Ethylene Plant, corresponding utilities and auxiliary facilities. SSTPC operates 8 world-class production plants which employ up-to-date process technologies, including 1000 KTA Ethylene plant,450 KTA PP plant, 300 KTA HDPE plant, 300 KTA LLDPE plant, 40/360 KTA EO/EG plant, 350 KTA Phenol and Acetone plant, 200/120 KTA Butadiene Extraction /MTBE Plant and 650 KTA Pyrolysis Gasoline Hydrogenation plant. SSTPC has recorded sound operational performance for the two years after it went on stream. Our core value is" people-oriented, always persisting in integrity and sharing the growth with our employees". We are committed to providing best-quality products and services for our customers, to creating maximum value for our shareholders and assuming responsibilities for our staff. Our enterprise vision is to build the first-class international petrochemical enterprise with eternal flourishing.
SSTPC Media contact
Tel: (86 22) 6380 4486
Director, Corporate Communications, Asia
© Press Release 2012
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