On December 8, Huafon Chemical issued two announcements. First, the company plans to invest 5.02 billion yuan through its wholly-owned subsidiary Chongqing Fufeng Chemical Co., Ltd. to build an integrated natural gas project with an annual output of 1.1 million tons ( Phase I); second, the company plans to invest 2.04 billion yuan through its wholly-owned subsidiary Huafon Chongqing Biomaterials Co., Ltd. to build a PTMEG spandex industry chain deepening project with an annual output of 120,000 tons.
Integrated natural gas project with an annual output of 1.1 million tons (Phase I)
According to the announcement, the 15th meeting of the 8th board of directors of Huafon Chemical Co., Ltd. reviewed and approved the "Proposal on Investment and Construction of an Integrated Natural Gas Project with an Annual Output of 1.1 million tons (Phase I)", which is planned to be approved by the wholly-owned subsidiary Chongqing Fufeng Chemical Co., Ltd. invested 5.02 billion yuan to build an integrated natural gas project with an annual output of 1.1 million tons (Phase I). This project does not need to be submitted to the shareholders' meeting for review.
The company will promptly disclose the progress or changes of this project in accordance with the relevant regulations of the Shenzhen Stock Exchange. Investors are advised to pay attention to investment risks.
Project status
Project name: Integrated natural gas project with annual output of 1.1 million tons (Phase I)
Construction unit: Chongqing Fufeng Chemical Co., Ltd.
Project investment estimate and funding source: The total investment is estimated to be 5.02 billion yuan, and the funding source is self-raised. The final investment amount and construction period are subject to the actual situation after the project is implemented.
Project construction period: The construction period is 36 months (finally subject to the actual progress of project construction). The implementation progress of the project will be adjusted in a timely manner based on market demand, operating conditions and the comprehensive evaluation of the board of directors, and will be disclosed in accordance with relevant laws and regulations.
Project content and scale: 250,000 tons/year BDO unit, 300,000 tons/year ammonia synthesis unit, supporting process equipment, public works and auxiliary facilities, etc.
Process technology: This project uses acetylene, formaldehyde and hydrogen as raw materials to produce BDO using the acetylenic aldehyde method.
Project location: Baitao Chemical Park, Fuling District, Chongqing.
Project payback period: The total investment is 5.02 billion yuan. The static investment payback period (after tax) after the project is completed and reaches production is 5.4 years (excluding the construction period).
Spandex Industry Chain Deepening Project
According to the announcement, the 15th meeting of the eighth board of directors of Huafon Chemical Co., Ltd. reviewed and approved the "Proposal to Invest in the Construction of a PTMEG Spandex Industry Chain Deepening Project with an Annual Output of 120,000 tons" and plans to adopt the wholly-owned subsidiary Huafeng Chongqing Biomaterials Co., Ltd. The company invested 2.04 billion yuan to build an annual output of 120,000 tons PTMEG spandex industry chain deepening project.
Project status
Project name:PTMEG spandex industry chain deepening project with an annual output of 120,000 tons
Project investment and construction unit: Huafeng Chongqing Biomaterials Co., Ltd.
Project investment estimate and funding source: The total investment is estimated to be 2.04 billion yuan, and the funding source is self-raised. The final investment amount and construction period are subject to the actual situation after the project is implemented.
Project construction period: Estimated 36 months (finally subject to the actual progress of project construction). The implementation progress of the project will be adjusted in a timely manner based on market demand, operating conditions and the comprehensive evaluation of the board of directors, and will be disclosed in accordance with relevant laws and regulations.
Project content and scale: 120,000 tons/year PTMEG device; supporting process equipment, public works and auxiliary facilities, etc.
Process technology: It is planned to use BDO cyclization and dehydration to produce PTMEG
Project location: Baitao Chemical Park, Fuling District, Chongqing
Project payback period: The total investment is 2.04 billion yuan. The static investment payback period (after tax) after the project is completed and reaches production is 4.8 years (excluding the construction period).
Regarding the purpose of the above-mentioned investment projects, Huafeng Chemical stated that the company has focused on the development, production and sales of spandex, polyurethane liquid and adipic acid products for many years, seeking an integrated industrial development route, creating industrial chain advantages, adhering to innovation and strengthening Based on the principle of equal emphasis, through the implementation of this project, the company's overall profitability and risk resistance will be further enhanced, the industry's status will be enhanced, and the company's comprehensive competitiveness, core competitiveness and sustainable development capabilities will be consolidated and expanded.
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