rongsheng petro chemical-a factory

RONGSHENG PETRO CHEMICAL CO., LTD. is located in Yinong Town, Xiaoshan District, Hangzhou near Xiaoshan Airport and China Light Textile City. Its predecessor is Rongsheng Chemical Fiber Co.,Ltd., established in 1995. It topped the list of fiber enterprises in China, is one of China’s top 500 enterprises and Zhejiang’s top 100 enterprises. In Septem, 2007, it was approved to be restructured into a stock limited.

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).

It is possible that Braskem could change hands in the near future. Novonor, the Brazilian conglomerate formerly known as Odebrecht, is facing hefty fines because of a Brazilian corruption scandal. The US Department of Justice alone is demanding $2.6 billion from the company. As a consequence, Novonor has been looking to sell its 38% interest in Braskem, which includes control of more than 50% of Braskem’s common stock. Sale talks are nothing new for Braskem. The company discussed a sale to LyondellBasell Industries in 2018 and 2019, but nothing came of the negotiations. In 2020, Novonor and Braskem’s other major shareholder, the Brazilian state oil company Petrobras, planned to float Braskem shares on public markets. That plan was shelved earlier this year because of financial market volatility. And in April, the private equity firm Apollo Capital was rumored to be bidding for Novonor’s stake.

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.

Financial Associated Press, January 12 - Rongsheng Petrochemical announced that the 40 million T / a refining and chemical integration project (phase II) of Zhejiang Petrochemical, a holding subsidiary, was fully put into operation. Up to now, the oil refining, aromatics, ethylene and downstream chemical products units in phase II of the project have been fully put into commissioning, and the whole process has been opened. The company will further improve the commissioning of relevant process parameters and improve the production and operation level.

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.

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.

Rongsheng Petrochemical Co., Ltd. engages in the research, development, production, and sale of chemical, oil, and polyester products. It offers gasoline, diesel fuel, kerosene, paraxylene, ethylene glycol, styrene 156, m-xylene, polyethylene, polypropylene, EVA, polycarbonate, ABS, PTA, PIA, filament, bottle flakes, and film. The company also offers olefins and their downstream, aromatics and their downstream, oil products, etc., which are widely used in covering new energy, new materials, organic chemicals, synthetic fibers, synthetic resins, Synthetic rubber, oil products, and other fields. The company was founded in 1995 and is based in Hangzhou, China. Rongsheng Petrochemical Co., Ltd. is a subsidiary of Zhejiang Rongsheng Holding Group Co., Ltd.

Rongsheng Petrochemical was founded in 1995 and operates in China. The company engages in the sector "Plastics & Synthetic Rubber in Primary Forms" (ISIC: 2013). This industry belongs to the broader "Chemicals & Related Products" (ISIC: 20) sector. The chemical industry includes large and well-established corporations that manufacture a wide range of products across a variety of markets. Today, the chemical manufacturing sector plays an essential role ─ not only in virtually every economy across the globe, but also within the majority of sectors of those economies. The CEO of the company is Yongqing Li.

Rongsheng Petrochemical Co., Ltd. is a China-based company principally engaged in the research, development, manufacturing and distribution of refining products, petrochemicals and chemical fibers. Rongsheng has an annual production capability of 2 million tons of aromatic hydrocarbon, over 13 million tons of pure terephthalic acid (PTA), 2 million tons of PET, 1 million tons of POY and FDY, 0.45 millon tons of DTY. Rongsheng‘s total capability of PTA ranks the first of the world. Rongsheng persists in “Two-way of Vertical and Horizontal” development strategy and recently developed a green refining-petrochemical integrated project with a total capacity of 40 million tons per annum, via its subsidiary Zhejiang Petroleum and Chemicals Co., Ltd. (ZPC).