zhejiang rongsheng holding group co ltd factory

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Zhejiang Rongsheng Holding Group is an investment holding enterprise established on the basis of Rongsheng Chemical Fiber group in 2006. The group owns over 10 holding subsidiary companies and adopts normative systems of parent company and its subsidiaries.

Zhejiang Rongsheng Holding Group carries out the functions of strategy orienting, resources integration and management supervising. It also provides support for all the subsidiary companies in the fields of finance, information, management, brand and culture. The investment covers the fields of petrochemical industry, chemical fiber, real estate, logistics and trade, which forms a multi-operation pattern.

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(Reuters) Chinese conglomerate Zhejiang Rongsheng Holding Group plans to double capacity of a joint venture refining project to 800 Mbpd in 2020, two years after the first phase starts up, senior company officials said Thursday.

The project, a venture among private companies led by Rongsheng, is planning to start up the 400 Mbpd first phase in 2018, aiming to meet the group"s requirements for petrochemical feedstocks.

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This company operates as a holding firm for a group of subsidiaries engaged in polyester, spinning, false-twisting, coal chemicals, real estate, venture investment business activities. It was incorporated in 2006 and has its registered office in Hangzhou, China. As a holding company, it handles the administrative affairs and services and grants management services to its subsidiaries, as well as provides financial support and control function for the board. Furthermore, the firm is responsible for managing the group and its overall legal structure, tax planning, financial and equity structures. It is also in -charge in various matters relating to policy, strategic planning, marketing, selecting and manning senior management positions, approving investments and budgets, and the overall ongoing monitoring of the group"s performance.

BEIJING, Oct 16 (Reuters) - A private Chinese firm is carrying out test runs at the country’s largest plant to produce paraxylene, a chemical used to make polyester fibre and plastics, and is emerging as a major importer of fuel oil, industry sources said on Friday.

Shenzhen-listed Rongsheng Petrochemical Co Ltd in August started trial operations at a 2-million tonne per year paraxylene facility in the eastern city of Ningbo, according to two sources with direct knowledge of Rongsheng’s oil trade.

A Rongsheng official declined to confirm the start-up, but pointed to a company release on Sept. 1 which referred to “the facility’s test operations being on schedule”.

Some industry experts have defended the safety of the production of paraxylene, often referred to as PX, as public opposition to new petrochemical plants threatens to disrupt expansion plans by state giants such as Sinopec Corp.

Rongsheng’s quiet launch of the Ningbo plant comes after Dragon Aromatics, another independently-run petrochemical producer, was forced to shutter its large PX facility in Fujian province after a fire in April.

The Ningbo plant processes fuel oil into naphtha through a process called hydrocracking, and then feeds naphtha into an aromatics facility to make PX. The plant includes technology from U.S. firm UOP, a unit of Honeywell International, according to a stock exchange filing.

Rongsheng Petrochemical is controlled by Zhejiang Rongsheng Holding Group, a private firm that started as a small polyester maker before expanding into petrochemicals and real estate, with assets worth over 50 billion yuan ($7.86 billion), according to the group’s website.

The group also operates three large Chinese plants that churn out purified terephthalic acid, or PTA, that uses PX as feedstock to make polyester fibre, a sector now in oversupply after China started several large-scale plants.

China is the world’s largest producer and consumer of PX and polyester, vital for its textile industry which accounted for around 12 percent of the country’s total exports last year, according to Chinese customs.

BEIJING/SINGAPORE (Reuters) - China’s privately-run Zhejiang Petrochemical Corp is expected to start partial test operations at some units around end of this year and early 2019, but a full trial operation is only expected in the second quarter of next year, a company executive said.

“The company is planning to start trial runs at the crude unit and also some downstream units around end of the year and early in 2019,” said the Zhejiang-based executive, who declined to be named as he is not authorized to speak to press.

The company, 51 percent owned by Rongsheng Holdings, is building a 400,000 barrels per day refinery which is integrated with a petrochemical complex led by a 1.2 million-tonne per year ethylene facility.

The refinery, built on an island off the archipelago city of Zhoushan in east China, is configured to process medium sour crudes such as Saudi’s Arab Medium and Oman, as well as Latin American oil.

Saudi Aramco is also expected to supply up to 170,000 bpd of crude to Zhejiang Petrochemical and has signed an initial agreement to take a stake in the company.

Two separate industry sources said Rongsheng has bought a million barrels of Brazilian medium-sweet crude Lula for end-January arrival possibly for use in the test operation.

Li Shuirong (born 1956) is a Chinese billionaire and businessman, the chairman of the Zhejiang Rongsheng Holding Group[zh], which produces petrochemicals.

In 1989, Li Shuirong founded the Yinong Network Chemical Fiber Factory that produced polyester fiber cloth. After the polyester industry shifted upstream, he founded the Zhejiang Rongsheng Holding Group.