Wanhua chemical: a global leader in chemical industry

Recently, Wanhua chemical released an announcement that the company and Fujian Petrochemical signed a joint venture agreement to jointly invest and establish the first phase registered capital of Wanhua Fujian, which is 3 billion yuan The subscribed capital of Wanhua chemical in cash is 2.4 billion yuan, accounting for 80% of the registered capital; the subscribed capital of Fujian Petrochemical with relevant assets is 600 million yuan, accounting for 20% of the registered capital The joint venture company will acquire 64% of the equity of Fujian kangnair at zero price and build 400000 T / a MDI and aniline supporting projects through Fujian kangnair; the joint venture company plans to build TDI devices and direct supporting devices to expand the TDI capacity to 250000 T / a PVC project and continue to build large-scale coal gasification projects Wanhua chemical is one of the few chemical industries in China to master the international cutting-edge manufacturing technology MDI is an oligopoly market, and new devices are difficult and long-term Relying on continuous research and development to achieve technological breakthroughs, the company is expected to achieve a leap in production capacity of 800000 tons in a short period of time and consolidate its first position in the world C3 / C4 petrochemical plant of the company operates stably, LPG trade scale is expanding constantly; 1 million ton ethylene plant under construction is expected to strengthen the advantages of polyurethane plate and deepen the layout of petrochemical industry chain Over the past 18 years, 70000 tons of PC, 300000 tons of TDI, 80000 tons of PMMA and other projects have been put into production In the future, with the implementation of PC phase II, sap, synthetic flavor, ADI, nylon-12 and other new projects, the product categories are further diversified, and the industrial chain supporting and layout are further improved At the beginning of 2019, the company completed the overall listing, integrated high-quality assets such as MDI and improved the governance structure, and helped itself to make great strides towards the global polyurethane leader, China's important olefin and derivative suppliers and new material core suppliers The establishment of the joint venture and the implementation of the 400000t / a MDI expansion plan of Wanhua Fujian will make the company's total MDI capacity expected to reach 3.3mt/a, about twice the global leading position of BASF's capacity ranking second in the future From the perspective of capacity planning, this investment has increased 250000 T / a TDI capacity, 400000 T / a PVC capacity and 600000 T / a caustic soda capacity compared with the 400000 T / a MDI project of Fujian Cornell announced earlier, in which caustic soda will provide raw materials for MDI and TDI, while PVC will consume waste acid produced in the production of MDI and TDI, which has obvious advantages of Park integration From the production capacity layout of MDI and TDI in China, it can be found that the main MDI devices are concentrated in Shanghai, Shandong, Zhejiang and other East China coastal areas, only BASF Chongqing has 400000t / a production capacity in Southeast China, and there is no production capacity in TDI; in terms of TDI, the main domestic TDI production capacity is distributed in Shanghai, Hebei, Gansu, Suzhou, Shandong and other southeast regions, only Southeast electrification has 100000 t / a production capacity A large part of China's MDI is applied to sole raw materials and automobile fields TDI is also mainly applied to upholstery furniture, automobile and other fields in Southeast China It not only brings together the main shoemaking enterprise industrial clusters in China, but also Fujian is the main upholstery production base in China Guangzhou is the fourth largest automobile manufacturing base in China After the project is put into operation, it will have obvious geographical advantages and can respond to the terminal quickly Customer needs of the market In addition, Wanhua chemical also acquired 49% equity of southeast electrification held by Fujian Petrochemical in cash, and the expansion of caustic soda production capacity of southeast electrification led by Wanhua Fujian joint venture company increased to 600000 tons / year from the existing 120000 tons / year and 300000 tons / year under construction With the technical transformation of the existing capacity, the total global MDI capacity of the company is more than 2.1 million tons / year At the same time, the company plans to have 400000 tons / year MDI production capacity in the United States (the project is suspended) In addition to 400000 tons / year MDI of kangnair, Fujian in the future, the global capacity of the company will exceed 2.9 million tons / year In 2019, the domestic MDI production capacity is 3.87 million tons, and the domestic market share of Wanhua chemical is 46.5% In the future, with the company's domestic technological transformation projects and new projects put into production, the domestic market share of Wanhua chemical MDI will surely exceed 50% The company's original TDI capacity of Yantai Industrial Park is 300000 tons / year (put into operation at the end of 2018), that of BC company in Hungary is 250000 tons / year, and that of southeast Electric Chemical Co., Ltd is 100000 tons / year The company's global TDI capacity is 400000 tons This investment will realize the layout of Wanhua chemical's production base in Southeast China, enhance the competitiveness of Wanhua chemical in MDI and TDI industries, and enhance the market position of polyurethane industry At the same time, the company also set up Ningbo Zhongtao investment as the employee stock holding platform of Fujian kangnair to further optimize the governance structure, realize the binding of company interests and employee interests, encourage employees to travel southeast, and promote the construction of Fujian production base Moreover, Yantai Industrial Park's 1 million ton ethylene project is expected to be put into operation in the second half of 2020, with an investment of about 17.8 billion yuan The main units include 1 million ton / year ethylene cracking unit, 400000 ton / year PVC, 150000 ton / year ethylene oxide, 450000 ton / year LLDPE, 300000 / 650000 ton / year PO / SM unit and 50000 ton / year butadiene unit After the project is completed, it is expected to contribute to the company In addition, the company's new material projects are promoted orderly to support future development, and the cost advantage is obvious under the cooperation of large plates Yantai Industrial Park capital development support of the company continued, Fujian base continued the company's future growth, long-term optimistic about Wanhua's overall development as a global leader in the chemical industry.