On November 10, Sinopec announced that on May 30 this year, the Sinopec shareholders meeting reviewed and approved the issuance of a full amount of 12 billion to the controlling shareholder China Petroleum & Chemical Corporation (hereinafter referred to as Sinopec). Proposals related to Yuan A shares and submit application documents to the Shanghai Stock Exchange. The project is currently in the review stage.
According to the announcement, all funds raised this time will be used in the fields of LNG, hydrogen energy and new materials, involving five construction projects.
The above five projects are the first phase of the third phase of the Tianjin LNG project, the hydrogen purification facility improvement project of Yanshan Branch, the No. 2 ethylene-vinyl acetate copolymer material (EVA) project of Zhongke (Guangdong) Refining and Chemical Co., Ltd., Maoming Branch’s 50,000 tons/year polyolefin elastomer (POE) industrial test device project, Maoming Branch’s oil refining transformation and upgrading and ethylene upgrading transformation project.
The Tianjin LNG project is divided into three phases of construction, consisting of the terminal and land area formation project, the receiving station project, and the gas transmission trunk line project.
The first phase of the third phase of the Tianjin LNG project raised this time only includes the receiving station project, which is divided into a storage and transfer part and a loading and export part. After the construction is completed, the natural gas storage capacity will be increased by approximately 810 million cubic meters based on the original Tianjin LNG project, and the natural gas turnover capacity will be increased by approximately 850,000 tons/year.
Sinopec Tianjin LNG receiving station is an important livelihood project and energy supply guarantee project for the construction of the national natural gas production, supply, storage and marketing system. The first phase of the project was put into commercial operation in 2018, with an annual loading and unloading capacity of 6 million tons and a gas storage capacity of 390 million cubic meters.
In September this year, the second phase of the Tianjin LNG receiving station project was fully completed and is expected to be put into use before the heating season this year. By then, the total gas storage capacity of the LNG receiving station will reach 1.08 billion cubic meters, ranking first among the domestic LNG receiving stations that have been put into operation.
Last year, Sinopec sold 56.245 billion cubic meters of natural gas to external parties, accounting for about 15% of the country’s apparent natural gas consumption.
The product of the Sinopec Yanshan Petrochemical Hydrogen Purification Facilities Improvement Project is high-purity hydrogen for fuel cells. Currently, Yanshan Petrochemical’s hydrogen production capacity is 1,440 tons/year, and the project will add 7,200 tons/year of high-purity hydrogen production capacity for fuel cells.
Sinopec stated that this is its strategic layout based on its optimism about the potential market space of hydrogen as a clean energy source.
Sinopec is building China’s first hydrogen energy company.
At present, Sinopec has built China’s first 10,000-ton photovoltaic power generation green hydrogen demonstration project in Kuqa, Xinjiang; the Ulanqab “West-to-East Hydrogen Transmission” strategic demonstration project it is responsible for has been included in the national plan; as of the end of last year, the The company has built and operated 75 hydrogenation stations.
In addition to new energy, Sinopec is also making great efforts in new materials.
The 2022 annual report shows that last year, Sinopec increased the production of high value-added products such as photovoltaic-grade EVA, metallocene polyolefins, and butadiene rubber. Coal chemical industry achieves quality and efficiency improvement. The annual ethylene output was 13.44 million tons, and the total chemical product sales volume was 81.65 million tons, a year-on-year increase of 0.1%, achieving full production and full sales.
Last year, Sinopec’s EVA production capacity was 640,000 tons, its output was 589,000 tons, its capacity utilization rate was 92.03%, its sales volume was 589,000 tons, and its production and sales rate was 100%. EVA materials are widely used in wire and cable material manufacturing, films and other molded products and compounds, automotive industry components, adhesives, coatings, etc.
According to Jiemian News, Sinopec POE is in the early production stage. In September last year, Sinopec Maoming Petrochemical’s 1,000 tons/year POE pilot plant was successfully started up, producing qualified products and is currently operating stably. The 50,000 tons/year POE industrial test device project constructed this time will realize the transformation of POE technology results and the large-scale production of products on the basis of the previous stage.
Sinopec is also accelerating the research and development of new materials in important fields such as high-end cable materials and medical and health materials. It has established professional new material companies and research institutes in Ningbo, Tianjin, Anqing and other places, covering high-performance resins, high-performance synthetic rubber , high-performance fibers and functional membrane materials and other fields.
On November 10, Sinopec also announced that based on its confidence in the company’s future development prospects, the holding company Sinopec plans to increase its holdings of Sinopec A shares and H shares within 12 months from the 10th, with the shareholding ratio from Last year’s 67.2% increased to 67.86%, and the cumulative amount of planned increase in holdings is no less than 1 billion yuan and no more than 2 billion yuan.
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