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With the entire phase 2 project online, ZPC expects to lift its combined petrochemicals product yield to 71% from 65% for the phase 1 refinery, according to the source.

"Petrochemical contributes most of the companies" profit with healthy demand growth while the stakeholders have feedstock demand for their textile plants too," the source said.

Zhejiang Petroleum, a joint venture between ZPC"s parent company Rongsheng Petrochemical and Zhejiang Energy Group, planned to build 700 gas stations in Zhejiang province by end-2022 as domestic retail outlets of ZPC.

Established in 2015, ZPC is a JV between textile companies Rongsheng Petrochemical, which owns 51%, Tongkun Group, at 20%, as well as chemicals company Juhua Group, also 20%. The rest 9% stake was reported to have transferred to Saudi Aramco from the Zhejiang provincial government. But there has been no update since the agreement was signed in October 2018.

China"s largest privately owned 800,000 barrel per day refining and petrochemicals complex is on schedule to start coming on line in the fourth quarter at the eastern coastal province of Zhejiang, according to a company official. The project led by Zhejiang Petrochemical is the most ambitious of at least four large private downstream developments that will not only compete with China"s dominant state majors, but also with its small independent refiners, known as teapots, and further worsen China"s refining overcapacity (IOD Jan.19"18). "The crude distillation unit (CDU) is expected on stream in the fourth quarter. Petrochemicals units will start up soon after," Wu Jian, senior manager petrochemicals for Rongsheng Petrochemical, which owns a majority stake in the project, told International Oil Daily on the sidelines of the recent Platts 5th Annual Asian Refining Summit in Singapore. Rongsheng Petrochemical is a subsidiary of textile maker Zhejiang Rongsheng Holding Group, which holds a 51% stake in Zhejiang Petrochemical, with private Juhua and Tongkun firms, each with 20%, and a local Zhoushan government-run company holding the remaining 9%. The refinery project will allow Rongsheng to back integrate, and produce its own, petrochemical feedstocks. The plans call for the complex to be built in two phases, each comprising 400,000 b/d of crude processing capacity and petrochemical facilities, and including 1.4 million tons per year of ethylene production capacity and 4 million tons/yr of paraxylene production capacity. The first phase is planned on stream this year, and the second in 2020. But despite Rongsheng"s repeated reassurances that the project is on target, analysts remain skeptical. "They may have some basic units on line this year. But the complex cannot produce on-spec products until 2020," said Wood Mackenzie"s Beijing-based refining analyst Ray Hou. A Beijing-based analyst with a trading company similarly does not expect the project to be ready this year. The complex only received government approval last May and it would be a remarkable feat to build 400,000 b/d of refining capacity and associated petrochemicals units in 19 months or less, observers have said, although one noted that it might be possible (IOD May8"17). "We expect Zhejiang Petrochemical will come on line in 2020, as they may have difficulties with securing heavy crude supplies and there is a glut of refined products in China," said Woodmac"s Hou. The company will first have to be granted a crude import quota, but that should not be a problem, sources said, as the complex is located on the island of Zhoushan which, as a free trade zone, benefits from much less stringent qualifying criteria for crude import quotas than those imposed on teapots (IOD Jan.22"18). Zhejiang Petrochemical is planning to process Saudi crudes, two sources told IOD, although the refinery will also have been designed to run other crudes with similar characteristics. Wu said the company would first buy crude on the spot market, when the CDU comes on stream. This may involve small volumes for conducting trial runs. Longer term, the company is expected to sign term contracts for its first and second phases. "Almost all oil majors have approached us," Wu said. Selling the refined products might prove more challenging. While the complex will focus on petrochemicals, its first 400,000 b/d phase will produce annually 3.7 million tons (85,000 b/d) of gasoline, 2.97 million tons (65,000 b/d) of kerosene and 1.8 million tons (37,000 b/d) of diesel, volumes that will be roughly doubled once the second phase comes on line. For the time being, only state companies are allowed to export products, while the teapots" growing output has led to oversupply in the domestic market. "China will either need to relax exports or create more domestic demand," a Singapore-based analyst with a trading company said. Maryelle Demongeot, Singapore

Thus, the healthiest sales increases seen in the Global Top 50 came from petrochemical companies. Sabic, Formosa Plastics, PetroChina, LyondellBasell Industries, and ExxonMobil Chemical all clocked in with sales increases of 40% or more. Also riding the crest of the commodity price wave are fertilizer makers such as Yara, Nutrien, and Mosaic, which posted astounding increases in sales.

A few companies in the 2021 ranking fell off in 2022 because they didn’t have enough sales to make the cut. These are the US petrochemical maker Westlake, the US agricultural chemical producer Corteva Agriscience, and the Japanese chemical makers Tosoh and DIC.

Two Chinese newcomers make the ranking: TongKun Group at 48 and Hengyi Petrochemical at 50. Both are polyester producers that make their own raw materials. Hengyi also has a large, integrated nylon 6 business. Both companies join similar Chinese firms, like Hengli Petrochemical and Rongsheng Petrochemical. All these companies have been building massive complexes for aromatics and derivatives, in many cases swamping entire segments of the chemical industry—such as purified terephthalic acid—with new capacity that is well beyond the scale of players outside China.

For the third consecutive year, BASF heads the Global Top 50. Because it has a home base in Germany, the company was strongly impacted by Russia’s invasion of Ukraine. BASF pledged in April to wind down operations in Russia and Belarus, which represent about 1% of its sales. The company says it will continue supplying agrochemicals to these countries to avoid disrupting the world’s delicate food supply chain. BASF has also been affected by the severe increase in European natural gas prices that the war has exacerbated. In March, BASF chairman Martin Brudermüller told a Houston audience at the IHS Markit World Petrochemical Conference that “European industry really has to rethink” its strategy, given its dependence on natural gas from Russia. The war has also affected the company’s Wintershall Dea energy joint venture, which has extensive operations in Russia. During the first quarter, BASF took a $1.2 billion write-off related to the cancellation of Nord Stream 2, a natural gas pipeline between Germany and Russia that Wintershall helped finance. BASF is also anticipating the coming energy transition. The company is carving out its emission catalyst business, which it acquired with its 2006 purchase of Engelhard. The move is a response to the dim outlook for internal combustion engine vehicles and could be a prelude to a sale. BASF has simultaneously been trying to grow as a producer of materials for electric vehicle batteries and aims to spend $5 billion on production capacity outside Europe.

In 2020, Dow revealed its aspiration to reach carbon emission neutrality by 2050, and at an investor event in October, it detailed its plans to get there. The company aims to spend $1 billion per year, about a third of its capital budget, to decarbonize its petrochemical sites around the world one by one. Topping that list is Fort Saskatchewan, Alberta, where in an industry first, the company will build a carbon-neutral ethylene cracker. An autothermal reformer will process the cracker’s off-gases to generate hydrogen that will be burned in the cracker’s furnaces instead of natural gas. Dow will capture the resulting carbon dioxide and inject it into Alberta’s CO2 pipeline for sequestration. Dow’s sustainability push extends beyond greenhouse gases and into plastic waste. At the October event, for example, the company said it would collaborate with Fuenix Ecogy to build a waste plastics pyrolysis plant in the Netherlands.

The Saudi giant Sabic has a large presence in Europe owing to its acquisition of petrochemical businesses from DSM and Huntsman more than a decade ago. And while the company gained a North American engineering polymer business in 2007 with the purchase of GE Plastics, a US toehold in petrochemicals has been more elusive. Sabic finally accomplished this long-term objective in January when its $10 billion joint venture with ExxonMobil Chemical, Gulf Coast Growth Ventures, started up near Corpus Christi, Texas. The venture produces ethylene and the derivatives polyethylene and ethylene glycol. The project is noteworthy because of how quickly it was erected: in just over 2 years. Some recent US petrochemical projects have experienced delays longer than that.

Formosa Plastics’ proposed $9.4 billion petrochemical complex in St. James Parish, Louisiana, suffered a major setback last year when the US Army Corps of Engineers ordered a full environmental review. That process could take longer than 2 years, according to local activists. The massive project, which would include an ethylene cracker, polyethylene plants, and other facilities, was originally unveiled in 2015. While the complex would be an important diversification move for the Taiwan-based company, S&P Global Ratings noted in a report in October that Formosa’s management could be reaching the end of its patience for delays and local opposition. “We see diminishing probability that the planned mega project in Louisiana will go ahead, given the changing political atmosphere in the U.S.,” the credit rating agency wrote.

Since its inception in the 1990s, Ineos has expanded by acquiring established divisions of large chemical companies. Most recently, in early 2021, it bought BP’s aromatics business, a major producer of purified terephthalic acid, for $5 billion. Since then, Ineos has been focusing on sustainability. In September, it announced a $1.3 billion plan to reduce carbon dioxide emissions by 60% at its Grangemouth, Scotland, petrochemical complex by 2030. It will do so by capturing the greenhouse gas and sending it to the proposed Acorn CO2 system, which aims to inject it under the North Sea. In October, Ineos said it plans to spend $2.3 billion on green hydrogen projects. It will construct a 20 MW electrolyzer, powered by alternative energy, in Rafnes, Norway. And in Cologne, Germany, Ineos wants to build a 100 MW electrolyzer that will make hydrogen for green ammonia. Separately, Ineos is installing a unit in Cologne to extract acetonitrile made during acrylonitrile production. Acetonitrile is a solvent used in butadiene extraction and in high-performance liquid chromatography. Its use is acutely growing as a solvent in the production of oligonucleotides for RNA vaccines.

PetroChina heaped on the growth in 2021, expanding by 42% from 2020 as China’s economy recovered from the effects of the COVID-19 pandemic. New projects in China will only further the company’s expansion. This year, it is due to complete the $10 billion Guangdong Petrochemical project. The massive effort includes a refinery, an aromatics unit, and an ethylene cracker. PetroChina has also finished work on an ethylene project in Tarim that will use domestically produced ethane as its feedstock. In Jieyang, an enormous $1 billion acrylonitrile-butadiene-styrene plant with 600,000 metric tons per year of capacity is in the works.

Over the past year, ExxonMobil has been advancing sustainability initiatives. In March, it unveiled plans to build a blue hydrogen facility at its refining and petrochemical complex in Baytown, Texas. The project would capture 10 million metric tons (t) per year of carbon dioxide generated in the hydrogen production process, reducing the site’s carbon footprint by 30%. The project would connect to a massive carbon-capture-and-storage hub in the region that ExxonMobil is spearheading. Also in Baytown, the company is building a facility that will use new chemical technology to recycle waste plastics. It hopes to process 500,000 t of plastics annually around the world by 2026 and is also considering projects in Canada, the Netherlands, and Singapore.

Within a year of taking over the helm of Japan’s largest chemical maker, CEO Jean-Marc Gilson, a veteran of Dow Corning and Roquette, launched a major restructuring initiative. Mitsubishi Chemical Group plans to carve out its petrochemical and coal-based chemical businesses as a separate company and then exit them by the end of its 2023 fiscal year. The units, which make olefins, polyolefins, and other bulk petrochemicals, generate about 20% of the company’s sales. Mitsubishi Chemical Group wants to focus on more specialized areas, such as electronic materials and the life sciences.

The expansion program at this Chinese firm is a good illustration of just how massively and systematically the Chinese petrochemical industry has been growing in recent years. For example, Hengli Petrochemical plans to bring on line 5 million metric tons (t) per year of capacity for the polyester raw material purified terephthalic acid (PTA) later this year in Huizhou, China. The company is building a 450,000 t plant to make poly(butylene adipate-co-terephthalate) (PBAT), which will consume some of the PTA as a raw material. Hengli is building a 300,000 t adipic acid unit, also to help feed PBAT production. And it is working on a big polyester fiber expansion and recently opened a large ethylene cracker.

The Indian conglomerate has abandoned plans to put its refining and chemical operations—which it calls Oil to Chemicals—into a stand-alone business. It also walked away from negotiations with Saudi Aramco to sell a 20% stake in the business for $15 billion. Instead, Reliance Industries is undertaking what may turn out to be an even bigger change in direction. Last year, it announced an ambitious goal to achieve net-zero carbon emissions by 2035. Reliance is setting aside 2,000 hectares of land at its massive Jamnagar refinery and petrochemical complex for factories that would make photovoltaic modules, batteries, electrolyzers, and fuel cells. Along these lines, Reliance bought Faradion, a British sodium-ion battery start-up, for $135 million. It will spend another $35 million to bring the new battery chemistry to market. It also purchased the Norwegian solar cell maker REC Group for $771 million.

The Chinese polyurethane and petrochemical maker has been rocketing up the Global Top 50 because of its prodigious growth in recent years. And 2021 was another enormous year for Wanhua Chemical—its revenues nearly doubled from 2020. Ambitious capital expansion projects have helped fuel the growth. In Yantai, China, it opened an ethylene cracker and derivatives plants and revamped methylene diphenyl diisocyanate production. In April, the company announced it would spend $3.6 billion to build a chemical complex in Penglai, China. The project, to be completed in 2024, will feature a propane dehydrogenation unit as well as downstream plants for polypropylene, propylene oxide, and other chemicals. The company also started producing cathode materials and the biodegradable polymer poly(butylene adipate-co-terephthalate).

A Rongsheng Petrochemical subsidiary, Zhejiang Petroleum & Chemical, started up the second phase of its massive refining and petrochemical complex in Zhejiang, China, in 2021. With capacity now doubled, the facility can process 40 million metric tons (t) of oil per year. The facility has a large petrochemical output: up to 6.6 million t of aromatics and 1.4 million t of ethylene per year. The expansion allowed the company to start making specialized polymers, such as acrylonitrile-butadiene-styrene and polycarbonate.

Asahi Kasei has been making a push into biobased chemicals. It plans to make the building-block chemical acrylonitrile from biomass-derived propylene at its Tongsuh Petrochemical subsidiary in South Korea. It will use a mass-balance approach, in which biomass fed into a conventional petrochemical plant is credited to a share of products that are made. And at a conference in Washington, DC, in March, company officials said Asahi would commercialize nylon 6,6 made with biobased hexamethylenediamine from Genomatica. Meanwhile, the Japanese company is exiting one of its old-line operations. In August, the company said it was leaving the clear styrene block copolymer business by 2023 because of deteriorating profitability.

In a transaction that will allow it to focus strictly on petrochemicals and polymers, Borealis received an $870 million offer in June for its nitrogen fertilizer business from the Czech agricultural conglomerate Agrofert. The business had sales of about $1.5 billion in 2021. The deal works out nicely for Borealis, which had an earlier overture of $520 million from EuroChem Group. Borealis walked away from that deal because of the war in Ukraine and EuroChem’s Russian connections. Borealis might have missed an opportunity to be affiliated with a high-end polymer business. OMV, the Austrian refiner that owns 75% of Borealis, put in a bid to purchase DSM’s engineering polymer business. But OMV lost out to a partnership between Advent International and Lanxess.

PTT Global Chemical rejoins the Global Top 50 after a 1-year absence. The Thai petrochemical maker made a major diversification play late last year when it purchased the German coatings resins maker Allnex for $4.8 billion from the private equity firm Advent International. Allnex has annual sales of about $2.4 billion. PTT’s backing, Allnex management hopes, will help it expand into Asia. In the US, PTT has had a large petrochemical complex on the drawing board since 2015. But its air permits from the state of Ohio expired in February. The company said at the time that it was seeking new permits that aligned with its goals of achieving net-zero carbon emissions by 2050. It subsequently unveiled a plastics recycling project for the state.

The main issue at Sasol for several years was a petrochemical complex in Lake Charles, Louisiana, that went $4 billion over budget and led to a major management shake-up. Another recent setback for the firm came in November, when South African regulators blocked the sale of its business in sodium cyanide to Draslovka, already a strong player in that field. Now there are signs of green shoots at the South African firm. Sasol and South Korea’s Lotte Chemical are studying the construction of a plant to make battery electrolyte solvents in Lake Charles or at Sasol’s complex in Marl, Germany. Sasol would provide the raw materials.

This is the first year in the Global Top 50 for Hengyi Petrochemical, a Chinese firm that primarily makes polyester and nylon 6. Hengyi affiliates recently started a massive refining and petrochemical complex in Brunei. The 2.1 million metric tons per year of p-xylene and benzene made in this new complex is being sent to China for conversion into the polyester raw material purified terephthalic acid and the nylon precursor caprolactam. The company is planning a second phase of the Brunei project, which will include an ethylene cracker and derivatives units.

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Podcast: China"s petrochemical refiners are making their presence felt way beyond the country"s borders. How will this impact global supply, demand, and trade balances? Will global operating rates be reduced?

Textile giants Rongsheng and Hengli have shaken up China"s cozy, state-dominated oil market this year with the addition of close to 1mn b/d of new crude distillation capacity and vast, integrated downstream complexes. Petrochemical products, rather than conventional road fuels, are the driving force for this new breed of private sector refiner. And more are on their way.

Tom: And today we are discussing the advent of petrochemical refineries in China, refineries that have been built to produce mainly petrochemical feedstocks. Just a bit of background here, these two big new private sector firms, Rongsheng and Hengli, have each opened massive, shiny new 400,000 b/d refineries in China this year. Hengli at Changxing in Northeast Dalian and Rongsheng at Zhoushan in Zhejiang Province on the East coast. For those unfamiliar with Chinese geography, Dalian is up by China"s land border with North Korea and Zhoushan is an island across the Hangzhou Bay from Shanghai. And the opening of these two massive new refineries by chemical companies is shaking up China"s downstream market. But China is a net exporter of the core refinery products, gasoline, diesel, and jet. So, building refineries doesn"t sound like a purely commercial decision. Is it political? What"s behind it? How will it affect the makeup of China"s petrochemical product imports?

Chuck: And clearly, the driver here for Rongsheng and Hengli, who as Tom mentioned, are chemical companies, they are the world"s largest producers of purified terephthalic acid, known as PTA, which is the main precursor to make polyester, polyester for clothing and PET bottles. And each of them were importing massive amounts of paraxylene, paraxylene being the main raw material to make PTA. And paraxylene comes from the refining of oil. And really the alternate value for paraxylene or its precursors would be to blend into gasoline to increase octane. So, when looking to take a step upstream in terms of reverse or vertical integration, they"ve quickly found themselves not just becoming paraxylene producers, but in fact becoming refiners of crude to begin with, which of course, is quite complex and it involves all kinds of co-products and byproducts. And as many know, the refining of oil, the primary driver there, as Tom has mentioned, is to produce motor fuels. So, we"re reversing this where the petrochemicals become the strategic product and we look to optimize or maybe even limit the amount of motor fuels produced.

Tom: And presumably then, the creation of so much petrochemical feedstock production capacity is going to have a pretty major impact on global supply-demand and trade balances.

Chuck: And margins, of course, as well because no one wants to shut down their unit just to accommodate the new Chinese production. And what remains to be seen is global operating rates for these PX units will be reduced to maybe unsustainable levels. And as margins come down, they"ll be down for everyone, but the most efficient suppliers or producers will be the ones that survive. And in the case of Hengli and Rongsheng, low feedstock costs, if you"re driving down the cost of paraxylene, you take the benefit on the polyester side because now you have very competitive or very low-priced feedstock.

Rongsheng is trying to build itself into a retail brand around Shanghai and the Zhejiang area. And Hengli is trying to muscle into the wholesale market on a national level, so it"s gonna be selling products across China. And in that respect, as we were discussing earlier, in fact, Rongsheng appears to have an advantage because where it"s located on the East Coast of China, that region is net short still of transport fuels, but Hengli in the Northeast, that"s a very competitive refining environment. It"s a latecomer to an already pretty saturated market: PetroChina, a state-owned oil giant, is a huge refiner up in Northeast China with its own oil fields, so a ready-made source of low-cost crude. And it"s also very close to the independent sector refining hub in Shandong Province, which is the largest concentration of refineries in China. So, I think there are definite challenges for them on the road fuel front, even if it sounds like they"re going to be pretty competitively placed further downstream in the paraxylene market.

Tom: Well, that"s one of the peculiarities of the Chinese market. As private sector companies, neither Rongsheng nor Hengli are allowed currently to export transport fuels. That"s a legacy concern of the Chinese government to ensure energy self-sufficiency downstream to make sure there"s adequate supply on the domestic market of those fuels. So, that is a real impediment for them. And when they ramp up production of gasoline, diesel, and jet, they are driving down domestic prices and they are essentially forcing product into the seaborne market produced by other refineries. So, in that respect, the emergence of Hengli in Northeast China on PetroChina"s doorstep has created a huge new sense of competition for PetroChina in particular. And I think certainly when you look at their recent financial data, it"s quite clear that they are struggling to adapt to the new environment in which it"s essentially export or die, because these new, massive refineries are crushing margins inside China.

Chuck: And going back specifically to the Hengli and Rongsheng projects, it"s interesting to note, again, going to an order of magnitude or perspective, Hengli is producing or has capacity to produce 4.5 million tons of paraxylene. And in phase one, Rongsheng will have capacity to produce 4 million tons. And I know those are just large numbers, but again, bear in mind that last year, global demand was 43.5 million. So, effectively, these two plants, they could account for 20% of global demand. Just these two projects themselves to give you an idea of just how massive they are and how impactful they can be. Impactful or disruptive, it remains to be seen.

Tom: A sign it doesn"t do things by halves. Although that said, one of the interesting things they have done is essentially halved their transport fuel yields. So, where in a conventional refinery, your combined output of gasoline, diesel, and jet, those core products, might be in the region of 80%, when you look at these new refineries, they"ve really cut that back down to 40% or 50%. And there are new petrochemical refineries springing up, and it"ll be very interesting to see how disruptive those are to the petrochemical market. But in the conventional refining market, they are, I think under pressure to do even more to reduce their exposure to already weakened gasoline and diesel markets. I mean, Shenghong — this new textile company who"s starting up another massive new conventional refinery designed to produce petrochemical products in 2021, I think — they"ve managed to reduce that combined yield to around 30%. They"ve reduced that from an original blueprint.

Chuck: It"s remarkable, but just a note of caution, there have been other petrochemical and refinery projects built recently in Saudi Arabia and in Malaysia, in particular, with established engineering and established chemical and refining companies. And they"ve had trouble meeting the targeted dates for startup and it"s one thing to be mechanically complete, it"s another thing to be operationally complete. But both Hengli and Rongsheng have amazed me at how fast they were able to complete these projects. And by all reports so far, they are producing very, very effectively, but it does remain to be seen why these particular projects are able to run whereas the Aramco projects in Malaysia and in Rabigh in Saudi Arabia have had much greater problems.

Tom: It sounds like in terms of their paraxylene production, they are going to be among the most competitive in the world. They have these strategies to cope with oversupplied markets and refined fuels, but there is certainly an element of political support which has enabled them to get ahead of the pack, I guess. And suddenly in China, Prime Minister Li Keqiang visited the Hengli plant shortly after it came on stream in July, and Zhejiang, the local government there is a staunch backer of Rongsheng"s project. And Zhoushan is the site of a national government initiative creating oil trading and logistics hub. Beijing wants Zhoushan to overtake Singapore as a bunkering location and it"s one of the INE crude futures exchanges, registered storage location. So, both of these locations in China do enjoy a lot of political support, and there are benefits to that which I think do allow them to whittle down the lead times for these mega projects.

So, thank you for joining us today, and it"ll be interesting to follow all of these developments because there still are so many moving parts. And you can follow this on the petroleum side with China Petroleum, the publication in which Tom edits out of London or some of our petrochemical reports. We do daily assessments on the paraxylene markets as well as monthly outlooks, which include global price forecasts. And we have databases which show supply, demand, and trade flows, etc. And then also please tune in for future episodes of the "China Connection." And we thank you for your time and attention.

RONGSHENG PETROCHEMICAL CO., LTD. is a China-based company principally engaged in the research, development, manufacture and distribution of chemicals and chemical fibers. The Company’s main products include aromatics, phosphotungstic acid (PTA), polyethylene terephthalate (PET) chips, terylene pre-oriented yarns (POYs), terylene fully drawn yarns (FDYs) and terylene draw textured yarns (DTYs), among others. The Company distributes its products in domestic market and to overseas markets.

Zhenbang Fibre, Zhejiang Hengyi, Wankai New Materials, Thai PET Resin Co., Ltd., TEIJIN, SK Chemicals, Sinopec Yizheng Chemical Fibre, Since CR Chemicals, Selenis, Sanfangxiang Group, SABIC, Rongsheng petrochemical, Petroquimica Suape, OCTAL, NEO GROUP, Nan Ya Plastics, M&G Chemicals, Lotte Chemical, KoKsan, JBF, Indorama Ventures, Far Eastern New Century Corporation, Far Eastern Industry, EIPET, Eastman, DuPont, Dhunseri Petrochem & Tea, DAK