On September 13, at Hainan Yisheng Petrochemical Co., Ltd. (hereinafter referred to as Yisheng Petrochemical), two PET (polyester bottle flakes) production units that were just put into operation this year were operating at full capacity. “Early next year, the office building here will be demolished to make way for the second phase of the project.” Li Shifeng, manager of the administrative department of Yisheng Petrochemical, told a reporter from Hainan Daily.
It is worth mentioning that the second phase of Yisheng Petrochemical Project plans to build a PTA (purified terephthalic acid) production device with an annual output of 2.5 million tons and a PET production device of 500,000 tons. The investment amount is 4.5 billion yuan. As the business environment of the Yangpu Economic Development Zone continues to be optimized, especially after the implementation of the Hainan Free Trade Port policy, Yangpu, as the Hainan Free Trade Port pilot zone and demonstration zone, is attracting more and more corporate projects. . The two parent companies of Yisheng Petrochemical, Zhejiang Hengyi Group and Zhejiang Rongsheng Holding Group, have decided to accelerate the second phase of the Yisheng Petrochemical PTA project and expand the project’s originally planned annual output of 500,000 tons of PET to 2 million tons. The total investment has also Increased from 4.5 billion yuan to 8 billion yuan.
Yisheng Petrochemical was registered and established in Yangpu in 2010. In the past 10 years, the company has basically completed a project every 2 to 3 years. On August 3 this year, as the 7th PET production unit was successfully put into production, its 8th PET production unit was put into operation on June 12 this year. This marks the completion of Hainan Yisheng Petrochemical’s 500,000-ton-per-year PET project (Phase III) and its official start of production. Up to now, the company has completed a cumulative investment of approximately 8.3 billion yuan, built a total of 5 projects, formed an annual production capacity of 2.1 million tons of PTA and 2 million tons of PET, and built a dedicated terminal with an annual throughput capacity of 4.4 million tons. .
“After the entire second phase of the project is completed and put into operation, Yisheng Petrochemical’s annual output value will exceed 40 billion yuan, becoming one of the important local petrochemical companies in Hainan.” Li Shifeng said, this It plays an important role in further improving the Yangpu petrochemical industry chain, increasing the added value of petrochemical products, accelerating the pace of differentiated production in the park’s petrochemical industry, and promoting the construction of Yangpu petrochemical industry base, becoming a new force in Yangpu’s efforts to build a 100-billion-dollar petrochemical industry cluster.
It is understood that Hainan Yisheng Petrochemical Company is a joint venture jointly established by Hengyi and Rongsheng. According to public information, Ningbo Hengyi Trading Co., Ltd. holds Hainan Yisheng Petrochemical Co., Ltd. Dalian Yisheng Petrochemical Co., Ltd. holds 42.5% of the shares of Hainan Yisheng Petrochemical Co., Ltd. (Dalian Yisheng Investment Co., Ltd. is an investment joint venture established by Rongsheng Petrochemical Co., Ltd. and Zhejiang Hengyi Petrochemical Co., Ltd. Company), Jinxing (Fujian) Chemical Fiber Textile Industrial Co., Ltd. holds 15% of the shares of Hainan Yisheng Petrochemical.
The second explosion of new PTA production capacity mainly comes from the raw material matching and supply of leading downstream enterprises. Expansion of major suppliers
In the eyes of market participants, Yisheng Petrochemical is known as the “first PTA factory in the universe”, and its presence is indispensable behind the development of the PTA industry. In recent years, the “big brother” in the domestic PTA market has played a leading role in the industry, and its every move has affected the development of the entire PTA industry. According to public information, it is expected that PTA will usher in a new round of production capacity launch cycle from 2020 to 2022. By the end of 2022, PTA has a total production capacity launch plan of 29.3 million tons. The new production capacity will mainly come from the raw material matching and production of leading downstream enterprises. Expansion of major PTA suppliers such as Sheng.
From the perspective of industry concentration, the top five production capacity accounted for 65.5% in 2011, and the top five production capacity accounted for 65.2% in July 2020. Although the proportion of C5 production capacity has not changed much, the list of companies on the list has basically changed, and production capacity has gradually concentrated on leading companies. The advantages of leading companies such as Yisheng and Hengli have become increasingly obvious, and the industry has gradually formed an oligopoly competition pattern. Oligopoly enterprises not only have an absolute advantage in production capacity, but also have obvious advantages in production technology, industrial chain supporting facilities and management level.
From the perspective of device scale, thanks to the continuous advancement of production technology, the scale of PTA devices is becoming increasingly large, and the single set of production capacity has increased from the initial The production capacity has been increased from 600,000 tons to 2.5 million tons, and may even exceed 3 million tons in the future. Behind the substantial increase in scale is a significant decrease in device processing fees. According to Zhuochuang statistics, the cost gap between devices with different production capacity is large. The current domestic PTA processing fee is between 350-850 yuan/ton. In the context of a new round of production capacity expansion, PTA processing fees are expected to be reduced to less than 600 yuan/ton in the future, forcing the industry to clear out backward production capacity and realize market-oriented replacement of old and new production capacity.
From the perspective of industry development, the bottleneck in the development of the domestic PTA industry chain in the past was PX, and PX was highly dependent on Japan, South Korea, Taiwan and other places Imports, high dependence on imports have led to a loss of pricing power in the industrial chain. However, with the liberalization of refining and chemical project approvals, PTA private giants have expanded upstream. The successful launch of Hengli Refining and Chemical in 2019 marked the acceleration of industry integration development and truly opened up the entire refining-PX-PTA-polyester industry chain. .
According to statistics, the current domestic PTA production capacity supporting PX reaches 31.13 million tons, accounting for about 60% of the total production capacity, an increase of 11 percentage points from last year, while the domestic production capacity supporting polyester PTA production capacity reaches 39.93 million tons, accounting for approximately 77% of the total production capacity. That is, the proportion of consumption supporting equipment is still significantly higher than the proportion of raw material supporting equipment. However, this status quo will gradually change as projects such as Zhejiang Petrochemical are put into operation.
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