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[Industry Reports]：The list of major provincial projects in 2022 was announced. Wanhua Chemical, Qixiang Tengda PO project and Yulong petrochemical integration project were selected.

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On January 20, the Shandong Provincial People's Government issued the "2022 Provincial Major Projects List", which included 449 provincial major implementation projects in 2022 and 151 provincial major preparation projects in 2022, totaling 600, with a total investment of 2.14 trillion yuan.

reported that among the 449 major implementation projects, 41 petroleum and chemical projects include: Wanhua Chemical 400,000 Tons POCHP Project, Qixiang Tengda 300,000 Tons

Propylene Oxide

Project, Wanhua 480,000 Tons Bisphenol A Integration Project (Production of 650,000 Tons of Phenol Acetone), Yulong Petrochemical Integration Project, Jinneng Technology 2 Sets of 450,000 Tons of High Performance Polypropylene Project, etc.

Table: Shandong Province 2022 Major Petroleum and Chemical Implementation Projects (41)

In addition, among the 151 provincial major preparatory projects, 34 petroleum and chemical projects are included, including Wanhua Chemical Penglai High Performance New Materials Project and Shandong Zhonghai Fine Chemical 400,000 Ton PDH Project.

Table Shandong Province 2022 Major Petroleum and Chemical Preparation Projects (34)

The following introduces the basic situation of these key projects.

Wanhua Chemical 400,000 Ton POCHP Project

The project was publicized on December 6, 2021. It is planned to be put into production in June 2023 with a production capacity of 400,000 tons/year. The process adopted is isopropyl benzene peroxide (POCHP). After the project is completed, Wanhua Chemical Group will have three industrial production technologies: PO/MTBE (methyl tert-butyl ether method), PO/SM (styrene method) and POCHP, breaking the foreign technology blockade and filling the domestic gap, making Wanhua the third company in the world to master this technology, greatly enhancing Wanhua's competitiveness in the PO industry.

Qi Xiang Tengda 300,000 Tons/Year Propylene Oxide Project

project has a total investment of 3.75 billion yuan and an annual planned investment of 1.35 billion yuan. It mainly builds 205,000 tons/year hydrogen peroxide, 300,000 tons/year propylene oxide and other devices and supporting public and auxiliary facilities. By the end of December 2021, the construction of the main body such as the comprehensive office building and the central control room had been completed, the steel structure of the main body of the main device had been completed, and the installation of the equipment had been started. The completed investment was 1.551 billion yuan, accounting for 114.9% of the annual investment plan. After the project is put into operation, it can realize operating income of 4.5 billion yuan, profit of 1.1 billion yuan and tax of 0.41 billion yuan.

Jinneng Technology 2*450,000 Tons High Performance Polypropylene Device

includes 2 sets of 450,000 tons/year high-performance polypropylene, which adopts Basell's SpheriPol and Spherizone technology respectively. The project is currently in the bidding and ordering stage of project design and equipment. The two polypropylene units will be put into production by the end of 2023 and 2024 respectively.

Yulong Refining and Chemical Integration Project

the project to start in October 202020. In November 2021, Nanshan Group, Shandong Energy, Wanhua Industrial and Hualu Group signed the "Efficiency Increase Agreement". After the capital increase and share expansion, Nanshan Group, the original shareholder of Yulong Island Project, reduced its share from 71% to 51%, and the newly entered Shandong Energy Group became the second largest shareholder, accounting for 46.1% of the shares. The original shareholder Wanhua Industrial Group's share was reduced from 20% to 1.58%, and another new shareholder Hualu Group accounted for 1.32%. The construction investment of the project is about 127.4 billion yuan, and the construction period is 24 months. The main units include 2 sets of 1.5 million-ton ethylene units (all adopting Lummus process),2*400,000-ton PP units (STPP-II process),2*400,000-ton PP units (Lummus NOVOLEN process),1 set of 300,000-ton PP units (JPP HORIZONE process), 200,000-ton EVA/LDPE units (autoclave method) and 400,000-ton EVA/LDPE units (high-pressure tube method),30/650,000 ton PO/SM unit.

Source: Shandong Provincial People's Government

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