Sinopec Corp. @@http://www.sinopec.com.cn/english/index.jsp
Focusing on its core business of
petroleum and petrochemicals, China Petroleum and Chemical
Corporation (Sinopec Corp.) is a publicly listed company with
integrated upstream and downstream operations and a complete
marketing network . The company was set up on February 28, 2000,
pursuant to the [Company Law of the People's Republic of China]
and in line with the principle of 'separation of core business
from the ancillary, good assets from the bad, and ent'erprise
functions from the social', by China Petrochemical Corporation
(Sinopec Group) as the sole sponsor, after the restructuring of
its businesses, assets, debts and creditor's rights, organization
and personnel. The rationale behind the creation of Sinopec Corp.
w'as to 'diversify the ownership structure, abide by the rules of
the market economy, and establish a modern enterprise system'.
Sinopec Corp. issued 16.78 billion H shares in Hong Kong, New
York and London on Oct. 18th, 2000. The Company floated 2.8
billion A shares in Shanghai Stock Exchange on August 8th, 2001.
The Company's exiting total number of shares is 86.702349
billion, of which 55.06% is held by the state through Sinopec
Group, 22.36% by domestic banks and assets management companies
(AMCs), 19.35% by foreign investors and 3.23% by investors at
Sinopec Corp. is a vertically integrated energy and chemical company. The scope of business covers exploration, development's, production and marketing of petroleum and natural gas, refining and marketing, production and sales of petrochemicals, chemical fibers, chemical fertilizers, and other chemicals, storage and pipeline transportation of petroleum and natural gas, import and export and import/export agency business of petroleum, natural gas, refined oil products, petrochemicals, chemicals, and other commodities and technologies, research and development and application of technology and information. It is China's largest producer and marketer of oil products (both wholesale and retail of gasoline, diesel, jet fuel), and No.1 supplier of major petrochemical products (intermediates, synthetic resin, synthetic fiber, synthetic rubber, fertilizer) as well as the 2nd largest oil producer. In 2001, the Company's oil production was 37.9 million tons, gas 4.54 billion cubic meters, incremental proven oil reserve 210 million tons, recoverable oil reserve 40 million tons, proven gas reserve 52 billion cubic meters, recoverable gas reserve 27.4 billion cubic meters, refining throughput 101.41 million tons, oil products 61.16 million tons, ethylene 2.15 million tons, synthetic resin 3.196 million tons, synthetic fiber 1.03 million tons, monomers for synthetic fiber 1.99 million tons, polymers 1.61 million tons, synthetic rubber 400,000 tons. The annual sales of oil products 67.8 million tons, accounting for 60% of the country's total consumption, and 65% of retail market share in the principal market.
Following international models, the company has set up a new, standardized structure of corporate governance, with centralized decision-making, delegated authorities in management, and business operations handled by specialized business units. Sinopec Corp. has more than 70 subsidiaries, either wholly-owned, or with equity participation, including majority controlled, in exploration and production, refining, chemicals, marketing, research and foreign trade. Most of the Company's assets and principal market is situated along China's most developed eastern, southern and central areas.
Sinopec Corp. sticks to the philosophy of open and competition. To maximize profits and deliver superior shareholder return is the Company's guiding objective and the operating mechanism is market-oriented externally, achieving synergy internally and the operating principle is standardization, discipline and integrity. Our target is to build Sinopec Corp. into an internationally competitive, world-class, integrated energy company with prominent core business, quality assets, innovative technologies, advanced management and sound financial practice.
China Petrochemical Corporation, the sole initiator of China Petroleum and Chemical Corporation is a state-authorized investment vehicle in oil and petrochemical business, integrating the upstream and downstream assets. China Petrochemical Corporation is 100% owned by the state and a state-authorized investment institution and state holding company.
|@||Address: 48 Jinyi Road,
Jinshan District, Shanghai, PRC@200540
Located at Jinshanwei in the southwest of Shanghai, Sinopec Shanghai Petrochemical Company. Limited (SPC) is a wholly-controlled subsidiary company under Sinopec Corp., highly integrated petrochemical complex, one of the largest petrochemical enterprises in the People's Republic of China, and also one of the largest PRC producer of ethylene.
SPC produces over 60 different types of products in 4 categories, namely petroleum products, intermediate petrochemicals raw materials, synthetic resins and plastics products, synthetic fiber raw materials and synthetic fibers, of which more than 40 have been awarded "High Quality Product Prize"at the national, ministerial or provincial levels, and also gShanghai Consumer Satisfied Products Prizeh. In 2001, SPC has been awarded gThe Unit With High Prestige In Keeping To Both Contract And Commitmenth by the State Administration of Commerce and Industry.
|@||No.1 Gangnan Road,
Yanshan, Fangshan District, Beijing, China
SINOPEC Beijing Yanhua Petrochemical Co.,Ltd.is one of the holding subsidiaries of China Petroleum & Chemical Corporation. The Company was founded on April 23 1997 and consists of the Chemical Plant No.1,2,3,Synthetic Rubber Plant,Polyester Plant and Resin Application Research Institute originally belong to Beijing Yanshan Petrochemical Corp.(BYPC). It's located at No.1 Gangnan Road,Yanshan Fangshan District of Beijing.The company was established in early 1970s.In 1975,the first set of 300KTA ethylene unit of China was put into operation,which is a milestone of the development of Chinese modern petrochemical industry.In 1980s, a number of auxiliary facilities were set up and the plant was improved, and the productivity of this plant was brought into full play. In 1990s, BYPC took the lead in China to revamp and expand the ethylene plant to increase the production capacity further to 450KTA. In December 1999, the first butyl rubber plant in China was built up. In 2001, the second round of ethylene plant revamp was carried out to make the production capacity go up to 660KTA. A new 200KTA LDPE plant was built up, the acetonitrile extraction unit and benzene unit were revamped, to match with the increased capacity of ethylene unit.
design capacity of 300kt/a, Ethylene Unit located in
Chemical Works No.1 was put into operation in 1976 with
ABB Lummus technology. It was revamped and expanded to
450kt/a in 1994 and further to 660,000 MTA in 2001. The
naphtha, hydrogenated tail oil, HGO and gaseous materials
were mainly used as raw materials to produce ethylene,
propylene, mixed C4 and other chemical raw materials
through steam cracking. The design capacity of the
ethylene unit is 660kt/a. Ethylene is mainly used by
Chemical Works NO.1 to produce LDPE, HDPE, styrene and
glycol; small amount of which is used as monomer by
Polypropylene Business Division to produce propylene
copolymer. Propylene with 330kt/a capacity is mainly
taken by three sets of polypropylene plants in Chemicals
Business Division, two sets of phenol-acetone plants in
Chemicals Business Division and HDPE plant in Chemical
works No.1 to produce ethylene-propylene copolymer.
High-purity butadiene extracted from mixed C4 is mainly
used to monomer of cis-polybutadiene rubber; Pyrolysis
gasoline is used to extract benzene in Benzene
unit(toluene can also be extracted if needed), which is
the feedstock of two phenol-acetone unit in Chemicals
Business Division and styrene unit in Chemical Works
|@||High & New Tech
Developing Zone of Zibo, Shandong
SINOPEC Qilu Petrochemical Co. Ltd (hereinafter referred to as QPC) is a holding company of China Petroleum and Chemical Corporation, established in May 1998 and located in the High & New Tech Developing Zone of Zibo, Shandong province. It possesses 19 sets of large scaled petrochemical production plants, of which, 14 sets have realized the world-advanced DCS control and 7 sets held the world level in the aspect of their processes.
QPC consists of Olefins Complex, Plastics Complex, Chlor-alkali Complex, Rubber Complex, Water Supply and Drainage Plant, Resin Application Institute and Sales Department with the registered fund of 1.95 billion RMB Yuan. It engages mainly in the production, processing, sales, storage, transportation, research and development as well as comprehensive technical support of the petroleum and chemical products. It is now able to produce 450 KTPA of ethylene, 676 KTPA of synthetic resin, 250 KTPA of caustic soda and 165KTPA of synthetic rubber.
QPC is the sole plastic and chlor-alkali petrochemical integration enterprise, the largest production base of synthetic rubber and caustic soda as well as one of the largest bases of producing synthetic resins in China with more than 50 kinds of products, such as ethylene, PP, PVC, PS, styrene, PA, caustic soda, epichlorohydrin glycerin, para-xylene, BR, SBR and etc. Among them, more than 30 kinds are the hi-tech products, 19 have reached the world advanced level, 17 are known as the national famous brands, 11 are awarded the gold medal prize of the state or the excellent product titles of the province or ministry. The proportion of the plastic compounds is as high as 65%, which closes to the similar companiesf level in the world.
QPC, for the purpose of the optimum profits and the best reward to share holders, is going to renew the philosophy, reform the business system, strengthen the consciousness of science and technology progress and determine a new round of development target. Since 2000, QPC has started the second ethylene revamp project. The ethylene production capacity is going to be increased from 450 KTPA to 720 KTPA and the synthetic resin from 670 KTPA to 1100 KTPA. Meanwhile, QPC pays much attention to increasing the technical contents of the products, enhancing the competition force between enterprises and profit ability in order to contribute its greater efforts for the development of our petrochemical cause.
Brief Introduction of the Main Production Complexes
Olefins Complex, with the fixed assets of 3.72 billion RMB Yuan, plays the leading roles in the Qilu ethylene projects. It has 3 sets of the main production plants, including 450 KT of ethylene plant, 240 KT of aromatics plant and 40 KT of phthalic anhydride plant, and some support units, such as 3 sets of starting boilers, 2 sets of water circulation units and etc. In 2001, it produced 555 KT of ethylene, ranking first level in all similar plants in China.
Plastic Complex has 6 large modern petrochemical plants separately imported from USA, Germany, UK, Netherlands and Japan etc. It includes 140 KT of LDPE plant, 140 KT of HDPE plant, 70 KT of PP plant, 60 KT of LLDPE plant, 60 KT of styrene plant and 36 KT of PS plant. The products annually produced are about 600 KT and sold out at home and abroad. Now, it is one of the largest bases of producing the plastic raw materials in China.
Chlor-alkali Complex has 5 sets of main production plants respectively adopting the advanced technology licensed by companies from Japan, USA, Swiss and Italy. It includes 200 KT of Diaphragm Caustic Soda Plant, 50 KT of Membrane Caustic Soda Plant, 234 KT of PVC Plant, 240 KT of VCM Plant with the characteristics of advanced process, high automation, accurate equipment and advanced testing and measuring manners. It is one of the largest bases of producing chlor-alkali products in China.
Rubber Complex has 8 sets of main production plants including 130 KT of SBR Plant, 40 KT of BR Plant, 27 KT of Butadiene Extraction Plant (ethyl nitrile process), 56 KT of Butadiene Extraction Plant (DMF process), 40 KT of MTBE Plant, 30 KT of Butene Plant and 17 KT of Butene-1 Plant. It is one of the largest bases of producing synthetic rubber in China.
This company consists of more than 20 sets of production plants, and most of the processes are imported advanced process; the statues of the main plants are as follow:
This plant uses ABB Lummus cracking separation technology. The whole process is controlled by DCS. The present capacity is 450,000 tons. New the company is undergoing the 2nd stage of the ethylene revamping work. After revamping, the ethylene capacity will be up to 720,000T/Y.
This plant uses the process of American UOP. Now the production capacity is P-xylene 44,000 t/y, O-xylene 40, 000 tons, pure benzene 142,300tons.
This plant uses German BASF fixed bed gas phase process. Its design capacity is 40,000 t/y of PA.
This plant uses the UNIPOL technology of UCC America. Its design capacity is 140,000 tons, and there are 74 grades of resins that can be produced with S, M, and F catalysts.
This plant uses the process same as HDPE plant, with the design capacity of 60,000 tons, More than 50 grades of products can be produced in this plant. After the completion of 2nd stage of the ethylene revamping, the production capacity will reach 120,000T/Y.
This plant uses polymerization process imported from Holland DSM STAMICARBON non-pulse tubular reaction process to produce PE pellet products, with the capacity of 140,000 tons.
This plant uses Monsanto / LUMMUMS' direct reaction process, its design capacity is 60,000 tons. After the completion of 2nd stage of the ethylene revamping, the production capacity will reach 200,000T/Y.
It is a plant using TEC-MTC technology, the design capacity is 36,000 tons, it can produce GPPS, HIPS products.
This plant uses Mentel's liquid phase tubular reactor plus gas phase fluidized bed reaction process, its design capacity is 70,000 tons, in which 49 grades of homo-polymer and co-polymer products can be produced. After adding additives, 110 grades of pellets products can be produced.
Mitsui Japan technology, an equilibrium oxy-chlorination process, present capacity is 234,000 t/y. After the completion of 2nd stage of the ethylene revamping, the production capacity will be 610,000T/Y.
This plant uses the Japanese SHIETSU batch suspension polymerization process and the current capacity is 230,000 t/y. After the completion of 2nd stage of the ethylene revamping, the production capacity will be 600,000T/Y.
Caustic Soda Plants
One set of plant is a diaphragm electrolysis process imported from Chlorine Engineering Japan; its design capacity is 200,000 tons caustic soda, 183,000 tons of chlorine and 5,400 tons of hydrogen.
Another one is a membrane caustic soda plant, with ion membrane electrolysis technology from DENORA Italy. The capacity of it is 50,000 tons caustic soda, 44,400tons of chlorine and 1,252.5tone of hydrogen. After the completion of 2nd stage of the ethylene revamping, the caustic soda capacity will be 450,000T/Y.
SBR Rubber Plant
This plant uses the low temperature solution polymerization process from Zeon Japan, with capacity of 130,000 t/y.
BR Rubber Plant
This plant uses Chinese domestic technology, with design capacity of 40,000 tons.
Butadiene Extraction Plants
The first set using Japanese Zeon's GPB process, the design capacity is to treat C4 by 107,400 t/y, producing butadiene by 54,000 t/y; another set design capacity to treat C4 by 107,400 t/y, producing butadiene of 54,000 t/y.
Using the technology developed by Qilu Petrochemical Corporation, with a design capacity of 40,000 tons /year.
Using the catalytic distillation process of USA CR / L Co. and the super fractionation process of Japanese Zeon Co. The design capacity is 15,000 tons.
|@||No.777 Xinhua Road,
Riverside Development Zone in Liuhe District ,Nanjing
Located in the flourishing Nanjing, Jiangsu Province, Sinopec Yangzi Petrochemical Co.,Ltd.(the Company) was established in April, 1998 by issuing 350 million A shares to the public,solely sponsored by the former Sinopec Yangzi Petrochemical Corporation,the state-owned super large enterprise, The Companyfs shares were listed at Shenzhen Stock Exchange with a total stock capital of 2.33 billion yuan RMB.On Feb.25,2000,Sinopec Corp. was established and the Company became her holding subsidiary.
Sinopec Yangzi Petrochemical Co., Ltd. (hereinafter referred to as YPC) boasts of 34 sets of its main chemical plants. They are of the economic scale and technological superiority. During the 9th Five-Year Plan period, as the example of technical reforms of chemical enterprises set by SINOPEC, this Company successfully carried out technical reforms for the three series of olefin, aromatic hydrocarbons and PTA. As a result the production scale of the Company as a whole has been enlarged by one third with the investment made in the technical reform being only one third to a half of that required for constructing the plants with the same production capacity. Besides the core technical equipment of the plants are now of the advanced level of 1990's of the world.
In Oct. 2002,the 8 million MTA refining plant and 650,000 MTA expanded ethylene plant were completed and put into operation. The companyfs integrated and large-scale competence were upgraded. The BASF-YPC which YPC has a 10% stake is under construction , and itfs planed to be completed and put into operation in the end of 2004 or beginning of 2005.
The following is a survey of the main plants of YPC.
1. Ethylene plant
The capacity of the plant is producing 650,000 T ethylene of polymerization level per year.
Technical features: It uses the patent technology of Lummus, USA and that of the Petroleum Research Institute of France.
2. Ethylene Glycol Plant
The capacity of the plant is annually producing 260,000 T ethylene glycol.
Technical features: It uses the patent technology of SD, USA.
3. Butadiene Plant
The capacity of the plant is to produce100,000 T butadiene per year.
Technical features: It uses the patent technology of GPB of Mizuokina, Japan.([IFĨĖëój
4. Polyethylene Plant
The capacity of the plant is to produce 370,000 T polyethylene per year.
Technical features: It uses the patent technology of Mitsui Oil Chemistry Co., Japan to produce HDPE with slurry process.
5. Polypropylene Plant
The capacity of the plant is to produce 400,000T polypropylene per year.
Technical features: It uses the patent technology of HYPOL of Mitsui Oil Chemistry Company, Japan.
6. Aromatic-Hydrocarbon Combination Plant
The capacity of the plant is producing 850,000 T benzene, paraxylene and orthoxylene per year.
Technical features: It adopts multiple items of sophisticated petrochemical production technologies of the world including the patent technologies of the Global Oil Products Co., and United Carbide Co. of USA and Lurgi, Germany.
7. Hydrocracking Plant
The capacity of the plant is annually processing 2 million T raw materials.
Technical features: It incorporates in it the patent technology of UOP, USA.
8. Refined PTA Plant
The capacity of the plant is annually producing 600,000T refined PTA.
Technical features: It uses the patent technology of Ammoco Chemicals, USA.
9. Acetic Acid Plant
The capacity of the plant is producing 85000T acetic acid per year.
Technical features: It uses the technologies of open cycle of the catalyst manganese acetate and double-tower oxidation externally circulating cooling. As for the distillation part, 3-tower flow process is adopted. The instruments and meters for the plant are all motor driven. They are sophisticated in technology, safe and reliable.
10. No.1 Normal Pressure Reduction Plant
The capacity of the plant is annually processing 3.5 million T crude oil transported through the Shandong-Nanjing pipeline.
Technical features: For the heat exchange process, narrow-point optimation design is applied and the high and low temperature potential heat is reasonably used. No air preheater is provided for the heating oven and for the decompression oil switching line, the latest domestic technology of 100% compensation of the thermal expansion is used to reduce the outlet temperature of the pressure relief oven. For the pressure reducing tower, tray-packing mixing-type dry reduced pressure distillation technique is used. Besides, flash tower is used to replace the primary tower.
11. No.2 Normal Pressure Reduction Plant
The capacity of the plant is annually processing 4.5 million T imported crude oil.
Technical features: In line with the characteristic of the imported crude oil that it is comparatively lighter in normal cases, the primary tower is provided. While light hydrocarbons are recovered through pressurization, the load of normal-pressure tower is reduced. For the decompression oil switching line, the latest domestic technology of 100% compensation of the thermal expansion is applied to reduce the outlet temperature of the pressure relief oven. Besides the dry reduced pressure distillation technique is used.
12. Eurika Plant
The capacity of the plant is annually processing 1 million T heavy oil.
Technical features: For the cracking process, the patent technology of Kureha chemicals, Japan is used and for hydrogenation process, the patent technology of sheferon, USA.
13. Delayed Coking Plant
The capacity of the plant is annually processing 800,000 T decompressed residual oil.
Technical features: Heavy oil is processed with delayed coking technology. For the decoking system, full-derrick hydraulic coking process imported from USA is applied. The oil vapor produced during vapor blowing and coke cooling in the coking tower is evacuated and recovered with a tower-type direct-contact fully-enclosed system. The design for the heat exchange flow is optimized to ensure that the heat energy will be fully used.
14. Catalytic Cracking Plant
The capacity of the plant is annually processing 800,000T raw materials.
Technical features: The new-type superstable compound molecular-sieve catalyst is used. The catalyst is of high activity, extremely stable and metallic-pollution resistant. With the PLC-1 type highly-efficient atomizing nozzle being used, ample contact and mixing of the oil products with the catalyst is ensured and the production rate of coke is lowered. Besides, the highly-efficient regeneration technology i.e. using the coking retort with preheating mixing pipe is applied and the fuming machine and exhaust-heat boiler are used to lower the energy consumption of the plant.
NingBo City, ZheJiang Province, China
SINOPEC Zhenhai Refining & Chemical Co., Ltd.( the Company) is located in the port city of Ningbo, Zhejiang Province in Eastern China, one of the region with the fastest economic growth in the PRC.
The Company is mainly engaged in the producing and sale of petroleum products, including gasoline, diesel, kerosene, fuel oil, naphtha and solvent naphtha, intermediate petrochemical products, including benzene, toluene, mixed-xylene, ortho-xylene (BTX), propylene and polypropylene, as well as urea and other petrochemical products including LPG, asphalt and petroleum coke. The three major products of the Company are gasoline, diesel and jet fuel.
The predecessor of the Company was Zhejiang Refinery Plant, which was established in 1974. It became a subsidiary of China Petrochemical Corporation in 1983 and was later renamed SINOPEC Zhenhai General Petrochemical Works (ZGP). On June 26, 1994, ZGP as sole promoter proposed the establishment of the Company, which was incorporated on June 28, 1994 in Ningbo, Zhejiang Province.The Company issued 600 million H shares which were listed on the Hong Kong Stock Exchange Limited on December 2, 1994.
Company consists of a refinery, a urea plant and 5
principal wholly owned subsidiaries, and it has equity
interests in 5 principal associated companies both in
China and abroad.
|@||Zhenzhou Town, Yizheng
City, Jiangsu Province@]hČ
SINOPEC Yizheng Chemical Fiber Co., Ltd.(YCF) is the holding subsidiary of China Petroleum & Chemical Corporation and is the largest modernized manufacturer of chemical fiber and its raw materials in the Peoples Republic of China . In terms of polyester production capacity in 2001, YCF ranks as the fifth largest polyester manufacturer in the world.
Located in Yizheng City, Jiangsu Province, YCF was established on 31 December 1993 following a reorganization of Yizheng Joint Corporation of Chemical Fibre Industry and an injection of the entire polyester production units and ancillary production lines.
YCF is principally engaged in the production and sales of polyester chips and polyester fiber. The business includes production and distribution of chemical fiber and petrochemical products, production of raw materials, ancillary raw materials and textile machinery, research and development (R&D) in textile technology, transportation and technological support for products manufactured by YCF.
At the end of 2001,YCF owned 13 polyesters production lines with annual capacity of 1,111,000 tons; 17 polyester staple direct spinning production lines with annual capacity of 335,700 tons;3 hollow fiber production lines with annual capacity of 38,000 tons; 39 polyester filament production lines with annual capacity of 275,000 tons,and 112 DTY texturing machines with annual capacity of 88,000 tons. The sales of fibers including polyester staple, polyester filament and hollow fiber are mainly undertaken by Kangqi Sales Network which covers the whole China. Principally speaking, the polyester chips are delivered directly to the customers.
district of Shijiazhuang, Hebei province ÍkČ
Shijiazhuang Refining & Chemical Co., Ltd.(SRCC) is collected and set up through assets reallocation with the mode of part reformation by Shijiazhuang Refinery of Petrochemical Corporation as the unique initiator invested with main body of refining and chemical. The company is registered in High-tech developing district of Shijiazhuang, Hebei province. By launching 120 million shares of A stock to the society openly through making a price on web in the Shenzhen Stock Exchange, with the permission of China Securities Regulatory Committee on July 11, 1997., it collected 688.8 million yuan, and invested to 50000T/a CPL plant of the Shijiazhuang Chemical Fiber Co., Ltd., accounting for 43.35% of the Shijiazhuang Chemical Fiber Co., Ltd. stock. In August 2001, China Petrochemical Corporation brought 25% of the Shijiazhuang Chemical Fiber Co., Ltd. stock held by SRCC. At present, SRCC hold 18.35% of Chemical Fiber Co., Ltd. Stock.
In February 2000, under the approval of the State Economic and Trade Commission PRC., China Petroleum & Chemical Corporation (SINOPEC Corp.) was established formally. China Petrochemical Corporation shifted the 920.444333 million shares of state-owned corporate stocks which was then held by Shijiazhuang Refinery to SINOPEC Corp., accounting for 79.73 % of the SRCC stock, and thus SINOPEC Corp. became the first shareholder of the SRCC.
In 2003,SRCC would have a complete set of unit for holding 3.5Mt/a crude oil, Capacity of AVD is 3.5MT/a,Total capacity of two FCCU is 1.8MT/a, Capacity of Cocker unit is 0.8MT/a, Total capacity of two Light Diesel Hydrotreating unit is 1.6MT/a, Capacity of Reform unit is 0.4MT/a.
SRCC is mainly on the production and sale of fuel oil and chemical products. It mainly produces 18 categories namely 25 brands, such as #90 and #93 gasoline for vehicles, 0# and #-10 light diesel, aviation kerosene, polypropylene, petroleum coke, etc Thereunto many kinds of products are titled the honor as high-quality products by the province and ministry. Handled 2.43 million tons crude oil realizing sale income 4.774 billion yuan with profit-tax 0.426 billion yuan in 2002.
|@||Changqing Road, Qingshan
District, Wuhan City
SINOPEC Wuhan Phoenix Co., Ltd. was approved by Wuhan System Reforming Committee on May 8, 1992 and jointly initiated and established by five corporations, including SINOPEC Wuhan Petrochemical Works (WPW) which provided chemical production equipment, Industrial and Commercial Bank of China Wuhan Branch Trust and Investment Company, Peoples Construction Bank of China Wuhan Branch Trust and Investment Company, Peoples Insurance Company of China Wuhan Branch Qingshan subdivision, and Wuhan Petrochemical Industry Company. It is a limited company combining financial industry with enterprise.
In July 1997, Industrial and Commercial Bank of China Wuhan Branch Trust and Investment Company and Peoples Construction Bank of China Wuhan Branch Trust and Investment Company transferred the ownership of all their stocks of Wuhan Phoenix Company to the SINOPEC Wuhan Petrochemical Works. Then the stocks of Wuhan Phoenix Company owned by SINOPEC Wuhan Petrochemical Works were all transferred to SINOPEC Corp. in February 2000.
The company is located in Wuhan, which is reputed as thoroughfare to nine provinces. It is against the Yangtze River in the north and adjacent to the Wuhan Iron and Steel Group Corporation in the south. The company is less than one hours ride from the Tianhe Airport. And it has convenient traffic transport around.
With the collected funds and its own funds, the company built some new units with 1990s advanced standards of the world, such as RFCCU of 600 thousand tpy (now revamped to 800 thousand tpy), Polypropylene Unit of 70 thousand tpy, Gas Recovery Unit of 20 thousand tpy. The company revamped and enlarged the original Gas Fractionation Unit from 100 thousand tpy to 300 thousand tpy, and the Polypropylene Unit from 20 thousand tpy to 35 thousand tpy. The company also has a complete set of facilities which matches with the above production units, such as, switch houses for chemical units, N2 & O2 station, tank farms, chemical analyzing building and torch, etc.
The feedstock of our company comes from refinery LPG. Then refined propylene is separated through Gas Fractionation Unit. Next through Polypropylene Unit, refined propylene is synthesized into powder polypropylene, and then extruded and granulated.
The main product of the company is PP. The registered trademark of powder PP product is Yellow Crane, and that of particulate PP product is Phoenix.
PP has two classes of flat silk and injection molding with six brands. The PP Unit of 70-thousand tons per year can produce PP of 25 brands. The products are processed into all kinds of industrial and civil use plastic goods by means of moulding and injecting.
In 1999, the company successfully developed a special polypropylene T36F for BOPP, and passed the test. In 2000 the company also developed special polypropylene T30F, Z30S, V30G and C30S.
Sinopec scrambles for cash, sells petchem stake for $71.4-mil
Sinopec Corp sold its 40.72% interest in petrochemical producer Sinopec Wuhan Phoenix Co for Yuan 578.1-mil ($71.4-mil) in an Oct 18 agreement with China Changjian National Shipping Group, Sinopec said Thursday in a statement to the Hong Kong stock exchange.
Phoenix was formed in 1992 by Sinopec, Wuhan Petrochemical Industry Co and several local financial firms. Phoenix facilities include an 800,000
mt/year residue fluid catalytic cracker, a 300,000 mt/year gas fractioning unit and a 35,000 mt/year polypropylene unit.
The sale comes as Asia's largest refiner works to manage scarce cash flow amid continued deterioration in refining margins.
In early September Sinopec cut its 2005 full-year capital expenditure plan by Yuan 2.0-bil or 6.5% to Yuan 58-bil.
"Cash flow has tightened up for them. Cutting capital expenditure is the quickest remedy," one Asia-based analyst said of the move.
The move was also likely to delay progress on the firm's new 200,000 b/d Qingdao refinery that had been scheduled for completion in the second half of 2007, analysts said.
Meanwhile, Sinopec's refining margins had deteriorated further during the third quarter of 2005, according to one source.
Though Sinopec worked to raise output of higher value products, gasoline in particular, and to process higher volumes of lower cost sour crudes, the
benefits of these efforts could not offset the hit from higher import crude costs and fixed domestic selling prices.