The latest progress of Zhejiang Petrochemical Phase III project

On May 6, Li Shuirong, chairman of Rongsheng Petrochemical (002493.
SZ), said at the performance briefing that the company will make announcements based on the progress of the third phase of Zhejiang Petrochemical currently in the planning process
.

In recent years, Rongsheng Petrochemical has accelerated its layout in the petrochemical field.
One of the strategic priorities is the refining and chemical project in Zhoushan built through its subsidiary Zhejiang Petrochemical Co.
, Ltd.
("Zhe Petrochemical")
.
The first and second phases of Zhejiang Petrochemical have a total production capacity of 40 million tons per year and a total investment of 173.
085 billion yuan.
The first phase of the project was put into operation in December 2019, and the second phase was put into operation in January this year
.

Zhejiang Petrochemical is held 51% by Rongsheng Petrochemical, and the remaining shareholders include Tongkun (601233.
SH), Juhua Group and Zhoushan State-owned Assets
.

In the performance briefing meeting, Li Shuirong also said on the impact of recent high oil prices that in general, rising oil prices will lead to rising raw material costs, but product prices will also increase accordingly.
For details, please refer to the company's regular reports
.
Li Shuirong said that Zhejiang Petrochemical's 40 million-ton refining and chemical project is the world's super-large "less oil and more chemical" refining and chemical integration unit, with obvious scale advantages, rich product categories and high added value
.

According to the annual report disclosed by Rongsheng Petrochemical a few days ago, the company will achieve operating income of 177.
024 billion yuan in 2021, a year-on-year increase of 65.
03%; net profit attributable to the parent is 12.
824 billion yuan, a year-on-year increase of 75.
46%
.