Petrochemical top six provinces project big PK! The total investment amount of the project reached 2 trillion yuan

"Refining and chemical integration" is the future development direction of the domestic petrochemical industry, focusing on the diversification of petrochemical raw materials, promoting the extension and development of basic chemical raw materials to high-end fine chemicals and new chemical materials, accelerating the construction of key projects of "refining and chemical integration", and promoting the development of petrochemical industry clusters of
100 billion yuan.
At present, the domestic petrochemical industry is undergoing earth-shaking changes, refining power is shifting to the direction of chemical industry, petrochemical industry projects under construction and planning are emerging in an endless stream, the good development prospects of petrochemical "six strong provinces" are obvious, and the domestic petrochemical industry can be expected in the
future.

All provinces and cities petrochemical projects all-round PK

In recent years, the state has attached importance to and continued to promote the development of the petrochemical industry, and has issued a series of policies to ensure the orderly advancement of
key petrochemical projects.
According to incomplete statistics, there are 202 newly-built, under construction and planned petrochemical projects with more than 100 million yuan (statistics mainly include upstream refining and chemical production projects, excluding inorganic chemicals, chemicals, related supporting projects, etc.
), and 124 projects are currently under construction, publicity or planning
.
The total investment of Sinopec industry projects is 2,562.
5 billion yuan, of which the total investment of planned projects under construction is 1,619.
6 billion yuan.

In addition to Shanxi, Shanghai, Ningxia, Inner Mongolia Autonomous Region, etc.
, 23 provinces are distributed, and the total number of petrochemical projects and proposed projects in Shandong Province are the largest, followed by Zhejiang Province and Guangdong Province, but Zhejiang Province ranks first in terms of investment amount, as shown in
Figure 1.

From the perspective of petrochemical project process technology, the new projects are mainly based on the transformation and upgrading of refining and chemical integration and the comprehensive utilization of light hydrocarbons
.
Using naphtha to make olefins, catalytic cracking to olefins, crude oil direct cracking olefins, propane dehydrogenation to propylene (PDH) and other technologies, greatly increase the production of ethylene, propylene and other high value-added chemicals, and vigorously develop high-end polyolefins, engineering plastics PC, special synthetic rubber and other fine chemicals
.

From the perspective of new petrochemical production capacity, the above-mentioned 202 projects have a crude oil processing capacity of 222 million tons / year, ethylene production capacity of 51.
68 million tons / year, aromatic hydrocarbon production capacity of 37.
69 million tons / year, PDH production capacity of 23.
39 million tons / year, PP production capacity of 23.
29 million tons / year, PE production capacity of 19.
4 million tons / year, styrene production capacity of 10.
34 million tons / year, and propylene oxide production capacity of 5.
59 million tons / year
。 With the large-scale refining and chemical integration projects concentrated on the start, China's olefins, aromatics supply will continue to grow, such a huge capacity concentration is bound to lead to overcapacity, of which 124 petrochemical projects under construction, under construction crude oil primary processing capacity capacity of 143 million tons / year, ethylene production capacity under construction 27.
68 million tons / year, under construction aromatic capacity of 19.
7 million tons / year, PDH production capacity under construction 12.
31 million tons / year, under construction PP capacity of 15.
1 million tons / year, PE production capacity under construction 9.
55 million tons / year / year / year years
.
The pressure of overcapacity in the refining industry is being transmitted to the petrochemical industry, and the future olefins, aromatics and other industries need to guard against the risk
of overcapacity.

From the perspective of the development process of petrochemical projects, China's refining pattern is undergoing earth-shaking changes, limited by market demand, raw material quality, process technology and other conditions, and the initial stage is mainly based on oil quality upgrading routes
.
In recent years, whether it is the main Sinopec, PetroChina, or the private Zhejiang Petrochemical, Hengli Petrochemical (600346), Shenghong Refining, Fujian Gulei, Wanhua Chemical (600309) and other enterprises have accelerated the layout of the whole industrial chain, and vigorously developed the "big ethylene + high-end polyolefins" or "big ethylene + new chemical materials" route
.

In addition, among the 124 petrochemical projects under construction, a number of private enterprises such as Satellite Chemical (002648), Donghua Energy (002221), Juzhengyuan, Qi Xiang Tengda (002408), HSBC Petrochemical, Wanda Tianhong, Fujian Zhongjing and other private enterprises focused on propane dehydrogenation (PDH), polypropylene and propylene oxide
.
Shell, BASF, ExxonMobil, Innolux, Leanderbaser and other foreign-funded enterprises layout the Chinese market, in Guangdong, Zhejiang, Liaoning and other provinces through sole proprietorship or joint venture investment and planting, focusing on high-end polyolefin elastomer, ABS, EVA and a number of high-end high-value-added products
.

There are six important petrochemical economic provinces in China, from north to south, Liaoning, Shandong, Jiangsu, Zhejiang, Fujian and Guangdong, and the key layout of the future petrochemical industry is also in these six provinces
.
From the perspective of the amount of petrochemical investment in different provinces, the total investment amount of petrochemical projects in the six provinces is 2 trillion yuan, accounting for the top six in China, and the cumulative investment amount accounts for 79.
68% of the total domestic investment, as shown in
Figure 2.
At the same time, the economic strength of the six provinces is strong, and from the total GDP of 2021, it is also the best among the provinces and cities in China, as shown
in Figure 3.
The six provinces have high dependence on petrochemical projects and a large amount of investment in petrochemical projects, so we will focus on the construction of
projects in the top six petrochemical provinces.

1.
Zhejiang Province

Zhejiang crude oil primary processing capacity of 81.
5 million tons / year, ethylene production capacity of 6.
4 million tons / year, the province's key enterprises are Zhenhai Refining, Zhejiang Petrochemical, Ningbo Daxie, Ningbo Keyuan, Ningbo Zhongjin, Donghua Energy, Zhejiang Meifu and so on
.
The total investment amount of petrochemical projects in Zhejiang Province is 514.
729 billion yuan, covering 24 petrochemical projects, of which the total investment of Zhejiang Petrochemical Co.
, Ltd.
40 million tons / year refining and chemical integration project is 173 billion yuan, which is currently the world's largest investment in a single industrial project, but also the largest project
invested by domestic private enterprises so far.
Sinopec Ningbo Zhenhai Refining & Chemical Co.
, Ltd.
expanded 15 million tons / year of oil refining, 1.
2 million tons / year ethylene project and high-end synthetic new materials project with a total investment of about 100 billion yuan, which is currently the largest refining and chemical integration project
of Sinopec.
In recent years, in order to promote the transformation and upgrading of the petrochemical industry, Zhejiang Province has attracted investment in refining and chemical integration projects, realized the high-quality vigorous development of the petrochemical industry, and enriched
the petrochemical product system.

Zhejiang Province, Ningbo, Zhoushan, Jiaxing, Shaoxing and other regions as the main body of the Hangzhou Bay petrochemical industry cluster, gradually formed from petroleum refining to basic chemical raw materials, new chemical materials, high-end special chemicals complete petrochemical industry chain, but also introduced Donghua Energy, Juhua, Wanhua, Formosa Plastics, Kingfa, Yisheng and other large-scale private chemical enterprises, vigorously develop PDH, polypropylene and other petrochemical projects, driving the intensive development of petrochemical deep processing, new materials, fine chemicals and other downstream industries, to achieve low-carbon
。

2.
Shandong Province

Shandong province crude oil primary processing capacity of 202 million tons / year, ethylene production capacity of 2.
91 million tons / year, key petrochemical enterprises include Qilu Petrochemical (600002), Jinan Refining, Qingdao Refining, Dongming Petrochemical, Yantai Wanhua, Lihuayi, Jingbo Petrochemical, Luqing Petrochemical, etc
.
The total investment amount of petrochemical projects in Shandong Province is 337.
89 billion yuan, and there are more than 40 refining and chemical projects planned and under construction in Shandong Province, including petrochemical projects
such as oil refining, ethylene, aromatics, PP, PE and PDH.
With a total investment of about 127.
4 billion yuan, Yulong Island Refining and Chemical Integration Project (Phase I) is a large-scale petrochemical project for the conversion of new and old kinetic energy and industrial structure adjustment in Shandong Province, and the largest single petrochemical project
in Shandong Province.

As a large industrial province and a large manufacturing province, Shandong Province has a good industrial scale advantage in the petrochemical industry, but there are also characteristics of resource-based and heavy-duty industries, so Shandong Province needs to accelerate the conversion of new and old kinetic energy, and promote the optimization and upgrading
of the petrochemical industry by deepening the transfer of the integration of refining capacity.
Up to now, Shandong has integrated and eliminated 11 independent refineries, and guided enterprises such as Kelida, Hengyuan, Fuyu Chemical to determine the direction of transformation and upgrading, focusing on the development of fine chemical industries
such as degradable materials.
Local refineries represented by enterprises such as Lihuayi, Jingbo, Dongming, Luqing, Jincheng and other enterprises have vigorously promoted petrochemical projects
such as olefins, aromatics and PDH with the help of raw material advantages.
At present, Shandong Ground Refining is accelerating the development of high-end chemical new materials, fine chemicals and other industries
.

3.
Liaoning Province

Liaoning Province crude oil processing capacity of 142.
7 million tons / year, ethylene production capacity of 4.
21 million tons / year, key petrochemical enterprises are Dalian Petrochemical, Fushun Petrochemical, Dalian Xitai, Liaoyang Petrochemical, Liaoning Baolai, Hengli Petrochemical, North Huajin and so on
.
The total investment amount of petrochemical projects in Liaoning Province is 248.
458 billion yuan, covering 14 petrochemical projects, of which Hengli Petrochemical's total investment of 20 million tons / year refining and chemical integration of 74 billion yuan is the largest petrochemical project
in Liaoning.
As a large province in the petrochemical industry, Liaoning has problems in the petrochemical industry structure, such as low concentration of the chemical industry, limited investment in high-end fine chemicals, and very little
influence of chemical enterprises in the country.

In recent years, Liaoning Province has proposed to promote the refining and chemical industry to optimize the production capacity structure, realize the integrated development of oil refining, olefins and aromatics, accelerate the construction of major refining and chemical integration projects, and promote the transformation and development of PetroChina's "oil reduction and increase" in refining and
chemical enterprises.
Among them, PetroChina Daqing Petrochemical, Daqing Refining, Jinzhou Petrochemical, Jinxi Petrochemical Structural Adjustment and Refining Transformation and Upgrading Projects have been put into operation, and Dalian Petrochemical Changxing Island Relocation Project and Jilin Petrochemical Transformation and Upgrading Project are under construction
.

Hengli Petrochemical 20 million tons / year refining and chemical integration project for the first of the seven major petrochemical industry bases in China to complete the full production of the project, is currently accelerating the start of the new development direction of "new chemical materials", in many parts of the country planning and construction of new chemical materials, fine chemicals and other fields of a number of projects, has been determined to invest 24 billion yuan to build 1.
6 million tons / year high-performance resin and new materials project and an annual output of 2.
6 million tons of high-performance polyester project, the enterprise in the fine chemical new materials downstream expansion
。 In the future, Liaoning Province will promote the 15 million tons/year refining and chemical integration project of North Huajin United Petrochemical Co.
, Ltd.
, develop deep processing, and focus on the development of 11 categories of fine chemicals and new chemical material products
.

4.
Guangdong Province

Guangdong province crude oil primary processing capacity of 94.
95 million tons / year, ethylene production capacity of 3.
57 million tons / year, key petrochemical enterprises include Maoming Petrochemical, Zhongke Refining, Huizhou Refining, China Overseas Shell, Juzhengyuan, Donghua Energy, Xinhua Yue Petrochemical, BASF, etc
.
The total investment amount of Guangdong petrochemical project is 439.
5 billion yuan, covering 20 petrochemical projects
.
Guangdong Province vigorously promotes the upstream and downstream supporting and coordinated development of domestic and foreign investment, the government has increased investment attraction, and has successively attracted high-end foreign-funded projects from leading enterprises in the world, such as ExxonMobil, BASF, Shell, etc.
, of which BASF's integration project, ExxonMobil's 1.
2 million tons of ethylene project, and China Overseas Shell Huizhou Phase III are advancing construction
in an orderly manner.
Guangdong Province has formed a complete petrochemical industry chain from upstream raw material mining, oil refining and ethylene production, to downstream new material processing, synthetic resin, rubber and fine chemicals
.

Guangdong Province, with Maoming, Huizhou, Guangzhou, Zhanjiang, Zhuhai and other as the main body of the Pearl River Delta petrochemical industry cluster, relying on Zhongke, Huizhou, Maoming and other large-scale refining and chemical bases, in the coastal layout of Guangzhou, Huizhou Daya Bay, Zhanjiang Donghai Island, Maoming, Jieyang Dananhai five major refining and chemical bases and parks, focusing on the development of high-end fine chemical products and new chemical materials
.
At present, PetroChina Guangdong petrochemical refining and chemical integration, Hengli Petrochemical (Huizhou) 5 million tons / year PTA, PetroChina Jihua (Jieyang) 600,000 tons / year ABS and other projects will soon be put into operation
.
For refined oil, it will supplement the gap
in demand for some refined oil products in Guangdong.
For the refining and chemical industry, giving full play to the processing potential of raw materials, optimizing product structure, and diversifying the development of refining and chemical industry will greatly enhance the competitiveness
of refining and chemical integration in South China.

5.
Jiangsu Province

Jiangsu crude oil primary processing capacity of 94.
95 million tons / year, ethylene production capacity of 3.
57 million tons / year, key petrochemical enterprises include Jinling Petrochemical, Yangzi Petrochemical, Jiangsu Xinhai, Shenghong Petrochemical, Sierbang Petrochemical, Lianyungang Satellite Petrochemical and other enterprises
.
The total investment amount of petrochemical projects in Jiangsu Province is 226 billion yuan, covering 14 petrochemical projects
.
Jiangsu Province is an important petrochemical production base, as well as an important chemical production, storage and distribution center in
China.
There are also many small-scale chemical production and large-scale petrochemical storage enterprises along the Yangtze River, such as Zhangjiagang Fubao, Oude Oil Storage, Nantong Zhuosheng, Taicang Yanghong, Changzhou Hongchuan and other enterprises
.

Jiangsu Province plans to build a small number of petrochemical projects, which is mainly related to the province's focus on strengthening safe production and comprehensive management of the Yangtze River environment in recent years, and has carried out special actions for the governance of chemical enterprises throughout the province, shutting down a number of illegal petrochemical projects by strengthening the approval of new petrochemical projects and strictly restricting new petrochemical projects
along the Yangtze River 。 At present, Jiangsu Province focuses on the development of Lianyungang Petrochemical Industrial Park, attracting investment in Shenghong Petrochemical Refining and Chemical Integration, Lianyungang Satellite Petrochemical Ethylene Comprehensive Utilization, Lianyungang Sierbang Propane Industrial Base and other large-scale petrochemical projects, relying on convenient port transportation conditions, Lianyungang Chemical Park will gradually become the concentration of petrochemical projects in Jiangsu Province, and will vigorously develop PDH, PP, PE, EVA, acrylonitrile, degradable materials and other projects in the
future.

6.
Fujian Province

Fujian Province crude oil processing capacity of 94.
95 million tons / year, ethylene production capacity of 3.
57 million tons / year, key petrochemical enterprises are Fujian Union, Sinochem Quanzhou, Gulei Petrochemical, Fuhai Chuang, Fujian Meide
.
Chinese chemical Tianchen and so on
.
The total investment amount of petrochemical projects in Fujian Province is 275.
15 billion yuan, covering 21 petrochemical projects
.
From "not producing a drop of oil" to the petrochemical economy of the province, the petrochemical industry in Fujian Province has undergone earth-shaking changes, and petrochemical projects have sprung up
like mushrooms.

Fujian has two petrochemical bases, Meizhou Bay Petrochemical Base and Zhangzhou Gulei Petrochemical Industry Base, of which Meizhou Bay Petrochemical Base includes three petrochemical industrial zones
of Quangang, Quanhui and Dongwu.
Relying on large-scale refining and chemical enterprises such as Fujian Union, Sinochem Quanzhou and Gulei Petrochemical, enterprises are accelerating the upgrading of existing refining and chemical projects, encouraging the use of lightweight raw materials, and building hydrocracking, aromatic hydrocarbon adsorption and separation devices, so as to provide more olefins and aromatic hydrocarbon raw materials
for the downstream.
Through attracting investment and investment, the government has attracted a number of petrochemical enterprises with Taiwan-funded backgrounds, such as Quanzhou Guoheng Chemical Propane Dehydrogenation and Polypropylene Project, to orderly develop diversified olefin industries
such as light hydrocarbon cracking and alkane dehydrogenation through the rational use of overseas light hydrocarbon resources.
In the future, Fujian Province will focus on the development of high-performance polyethylene, high-performance polypropylene, EVA, caprolactam, PA6, PA66, MDI, TDI and other products, to create high-end resins, synthetic fibers and other new materials, and promote products to move towards high-end
.

In the context of domestic refining capacity overcapacity and intensified competition, refining power is in urgent need of transfer, and the sharp increase in petrochemical projects in recent years indicates that China's refining and chemical industry is developing
in the direction of integration, scale and clustering.
In the future, it will focus on the diversification of petrochemical raw materials, promote the extension of basic chemical raw materials to high-end fine chemicals and new chemical materials, accelerate the construction of key projects of "refining and chemical integration", promote the development of petrochemical trillion-level industrial clusters, and further optimize the layout
of the domestic petrochemical industry.