rongsheng petrochemical co ltd annual report pricelist

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Saudi Aramco today signed three Memoranda of Understanding (MoUs) aimed at expanding its downstream presence in the Zhejiang province, one of the most developed regions in China. The company aims to acquire a 9% stake in Zhejiang Petrochemical’s 800,000 barrels per day integrated refinery and petrochemical complex, located in the city of Zhoushan.

The first agreement was signed with the Zhoushan government to acquire its 9% stake in the project. The second agreement was signed with Rongsheng Petrochemical, Juhua Group, and Tongkun Group, who are the other shareholders of Zhejiang Petrochemical. Saudi Aramco’s involvement in the project will come with a long-term crude supply agreement and the ability to utilize Zhejiang Petrochemical’s large crude oil storage facility to serve its customers in the Asian region.

An integral part of the project includes a third agreement with Zhejiang Energy to invest in a retail fuel network. The companies plan to build a large scale retail network over the course of the next five years in the Zhejiang province. The retail business will be integrated with the Zhejiang Petrochemical complex as an outlet for the refined products produced.

Saudi Aramco CEO, Amin Nasser said: “The agreements demonstrate our commitment to the Chinese market and help enhance the strategic integration of our downstream network in Asia. They will further strengthen our relationship with China and the Zhejiang province, setting the stage for more cooperation in the future.”

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PVTIME– Rongsheng Petrochemical Co., Ltd., (002493.SZ) (hereinafter referred to as Rongsheng) announced that the 300,000MT EVA device was successfully put into operation on December 28, 2021, and its photovoltaic products have been successfully produced with 28% VA content.

These products were produced by the ‘40 Million MT/Year Integrated Refining and Chemical Project (Phase II)’, which invested by Zhejiang petroleum & chemical Co., Ltd., a holding subsidiary of Rongsheng. The project based in Green Petrochemical Base, Zhoushan City, China, with an annual output of 300,000MT PV products.

The completion of the device is expected to increase the self-sufficiency rate and improve the domestic EVA production technology, to meet the photovoltaic materials demands.

Furthermore, as early July this year, Rongsheng revealed in its interaction with investors that Zhejiang project (Phase II) is undergoing. The EVA device can produce all photovoltaic products, and it may make an expansion of EVA production capacity in the future.

China"s private refiner Zhejiang Petroleum & Chemical is set to start trial runs at its second 200,000 b/d crude distillation unit at the 400,000 b/d phase 2 refinery by the end of March, a source with close knowledge about the matter told S&P Global Platts March 9.

"The company targets to commence the phase II project this year, and run both the two phases at above 100% of their capacity, which will lift crude demand in 2021," the source said.

ZPC cracked 23 million mt of crude in 2020, according the the source. Platts data showed that the utilization rate of its phase 1 refinery hit as high as 130% in a few months last year.

Started construction in the second half of 2019, units of the Yuan 82.9 billion ($12.74 billion) phase 2 refinery almost mirror those in phase 1, which has two CDUs of 200,000 b/d each. But phase 1 has one 1.4 million mt/year ethylene unit while phase 2 plans to double the capacity with two ethylene units.

The first CDU in phase 2 has been on trial run since Nov. 1, 2020. The source said its utilization rate has been gradually lifted, resulting in the three CDUs at the complex to run at average 100% in February from about 70% in the previous months.

The complex, which is designed to crack medium sour crudes, buys feedstock from across the globe. Middle Eastern Arab Light, Arab Medium, Basrah Light, Das and Kuwait, American ANS, WTI and WTL, Norway"s Johan Sverdrup and Brazilian Buzios can all be cracked by ZPC, Platts data showed.

ZPC"s ample storage tanks help it to take advantage of crude price volatility by storing more during a contango market structure, when prices fall, the source added.

ZPC currently holds about 6 million cu m (37.74 million barrels) in crude storage tanks, equivalent to 47 days of the two plants" consumption if they run at 100% capacity.

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.

ZPC has the widest flexibility on both crude slate and product slate as the newest integrated complex in China, which enables it to adjust production plans promptly in line with market changes, he 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.

ZPC initially won 1 million mt of oil product export quota in November 2020 and exported about 850,000 mt of gasoline and gasoil last year, according to the source.

The complex exported about 300,000 mt/month of gasoline and gasoil in 2021, the source said, adding that the company also looked for opportunities to export jet fuel.

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.