On October 23, Rongsheng Petrochemical (002493) announced that its holding subsidiary Zhejiang Petrochemical Co., Ltd. ("Zhejiang Petrochemical") invested and constructed a 300,000 tons/year acetic acid plant in Zhoushan Green Petrochemical Base. The ethylene plant has successfully produced qualified products.
Rongsheng Petrochemical stated that the device adopts domestic process technology, and all process and technical indicators of the device have reached the international advanced level.
It is reported that vinyl acetate is one of the most commonly used industrial organic raw materials in the world. It can be polymerized by itself or with other monomers to generate polymers such as ethylene-vinyl acetate copolymer (EVA) and polyvinyl alcohol (PVA). In the chemical industry It is widely used in fields such as textile, light industry, papermaking, construction and automobiles, and is especially positive in reducing EVA production costs and improving the market competitiveness of EVA products.
Since 2022, Rongsheng Petrochemical has relied on the Zhejiang Petrochemical platform to extend its deployment of three new material projects downstream and deploy high-end new materials in multiple industrial chains. Judging from past announcements, the above-mentioned 300,000 tons/year vinyl acetate device is one of the three new projects announced by Rongsheng Petrochemical on August 17, 2022.
At that time, Rongsheng Petrochemical announced three investment projects, with Zhejiang Petrochemical as the main implementation body, investing in and constructing high-end new material projects, high-performance resin projects, 1.4 million tons/year ethylene and downstream chemical plants (the product structure of the second phase of the project is optimized) Projects, the total investment is expected to be 64.1 billion yuan, 19.2 billion yuan, and 34.5 billion yuan respectively. The total investment of the three major projects is close to 120 billion yuan. The 300,000 tons/year vinyl acetate plant is one of a complete set of 1.4 million tons/year ethylene and downstream chemical plant projects.
Rongsheng Petrochemical stated that the company has added a new set of 1.4 million tons/year ethylene and downstream chemical equipment. On the one hand, it can produce more raw materials such as ethylene, propylene, butadiene, and provide sufficient supply for the development of downstream high value-added new materials and fine chemical industries. It provides raw material guarantee and expansion space; on the other hand, it can further reduce the output ratio of refined oil products, improve the quality and efficiency of oil refining, reduce unit product emissions, and promote green and low-carbon development.
In addition, Rongsheng Petrochemical plans to use its wholly-owned subsidiary Rongsheng New Materials (Zhoushan) as the main body to invest in the construction of the Jintang New Materials Park project in Zhoushan City, which is expected to be completed in 2025. It will be completed and put into operation by the end of the year; it is planned to invest in the construction of a "10 million tons annual output of high-end chemical new materials project" in Taizhou City with its wholly-owned subsidiary Rongsheng New Materials (Taizhou) as the main body to accelerate the development of new energy materials, engineering plastics, and high-performance materials. Layout in the field of high-end new materials such as resins, special rubbers and elastomers, degradable plastics, and high-end polyolefins.
Since this year, Rongsheng Petrochemical’s new material layout has also been accelerating. In the first half of 2023, Zhejiang Petrochemical will have an annual output of 400,000 tons of ABS equipment, an annual output of 60,000 tons of solution-polymerized styrene-butadiene rubber equipment, and an annual output of 100,000 tons of butadiene rare earth rubber/co-line annual output of 70,000 tons of nickel-based butadiene rubber equipment. Successfully put into production, Yongsheng Technology's 250,000-ton annual functional polyester film expansion project successfully produced qualified products. Soochow Securities pointed out that the putting into operation of these new devices will not only improve the extension of the industrial chain and promote the cost reduction and efficiency increase of Rongsheng petrochemical products, but also help promote the company's high-quality development.
At the performance briefing on September 7, Rongsheng Petrochemical stated in response to investor questions that in the second half of the year, it will continue to promote the construction of new material projects and find new performance growth points on the basis of existing production and operations.
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