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Wanhua Chemical: Plans to transfer 10 billion assets of ethylene industry chain to a wholly-owned subsidiary, EIA of 800,000 tons of PVC project

 Last Update: 2022-08-28
 Source: Internet
 Author: User

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On July 29, Wanhua Chemical issued 12 announcements, disclosing the annual report for the first half of 2021, asset transfer and other matters

Net profit in the first half of the year was 13.
53 billion yuan, a year-on-year increase of 377.
21%

In the first half of 2021, Yantai's MDI plant completed 1.
1 million tons/year of technical transformation and capacity expansion, the company's MDI production capacity was further increased, and new plants such as one million tons of ethylene were put into operation.
The output and sales of major products increased year-on-year

During the reporting period, the company realized an operating income of 67.
657 billion yuan, an increase of 118.
91% over the same period of the previous year; an operating profit of 16.
141 billion yuan, an increase of 382.
54% over the same period of the previous year; the net profit attributable to shareholders of the listed company was 13.
530 billion yuan, an increase of 13.
53 billion yuan over the previous year.
It increased by 377.
21% over the same period

Image source: Wanhua Chemical

Polyurethane business segment: In the first half of 2021, Wanhua Chemical achieved a production volume of 2,014,800 tons of polyurethane series and a sales volume of 1,894,900 tons; operating income was 28.
419 billion yuan, an increase of 111.
78% year-on-year; operating profit was 13.
16 billion yuan, an increase of 180.
59% year-on-year

Petrochemical business segment: In the first half of 2021, the production volume of petrochemical series was 1.
8866 million tons, and the sales volume was 5.
0879 million tons; the operating income was 27.
057 billion yuan, an increase of 159.
81% year-on-year; the operating profit was 4.
87 billion yuan, an increase of about 1200 times year-on-year

Fine chemicals and new materials business segment: In the first half of 2021, the output of fine chemicals and new materials will be about 357,200 tons, and the sales volume will be about 331,000 tons; operating income is 6.
591 billion yuan, an increase of 106.
23% year-on-year; operating profit is 1.
878 billion yuan, A year-on-year increase of 203.
39%

Transfer tens of billions of assets to a wholly-owned subsidiary

Wanhua Chemical also announced that it intends to transfer the assets related to the ethylene industry chain and its associated claims, liabilities and labor to its wholly-owned subsidiary Wanhua Chemical (Yantai) Petrochemical Co.
, Ltd.
(hereinafter referred to as the "Petrochemical Company").

The main body of the loan for the transfer of the subject assets will be changed from Wanhua Chemical Group Co.
, Ltd.
to a petrochemical company.
In order to meet the needs of the petrochemical company to apply for bank loans and carry out normal business, Wanhua Chemical plans to increase the guarantee amount of 12 billion yuan for the petrochemical company.
Joint liability guarantee

It is understood that the petrochemical company is a wholly-owned subsidiary of Wanhua Chemical.
It was established in 2015.
As of June 30, 2021, the main financial data of the petrochemical company: total assets of 16.
668 billion yuan, net assets of 5.
655 billion yuan, and the main business in the first half of the year.
The business income was 22.
73 billion yuan, and the net profit was 2.
801 billion yuan
.

Wanhua said that the transfer of assets is based on the needs of the overall development strategy, integrating internal resources, in order to improve the efficiency of asset operation, create a unique petrochemical business industrial cluster, extend the industrial chain in depth, and achieve integrated advantages and optimal resources.
Configuration, Wanhua Chemical will transfer the assets related to the ethylene industry chain to the petrochemical company, and the petrochemical company will undertake the production, operation and sales functions of petrochemical series products
.

Wanhua Fujian 800,000-ton PVC project EIA

On July 29, the website of Fuqing Municipal People's Government released the environmental impact report (full version) and public participation instructions for Wanhua Chemical (Fujian) Co.
, Ltd.

.

Project construction background: Wanhua Chemical (Fujian) Co.
, Ltd.
plans to build a 400,000-ton/year MDI and 250,000-ton/year TDI project.
A large amount of by-product hydrogen chloride is generated during the production process of the MDI/TDI project.
In order to digest this part of by-product hydrogen chloride In order to improve the comprehensive utilization rate of resources, Wanhua Fujian proposed to build an 800,000-ton/year PVC production unit, and use the by-product HCl to manufacture PVC to form a comprehensive recycling of chlorine resources
.

Project overview: The PVC project with an annual output of 800,000 tons is located in the western area of Jiangyin Gangcheng Economic Zone, Jiangyin Town, Fuqing City, Fujian Province, with a total investment of 4.
632 billion yuan and a total area of 183,451m2.
/ An important link in the TDI Industrial Park
.
The project is to be constructed in two phases.
The first phase and the second phase respectively build 400,000 tons/year VCM and PVC plants and supporting facilities
.

Project construction content: The main product scale of this project is VCM 800,000 t/a, PVC 800,000 t/a, by-product 25%wt hydrochloric acid 75,200 t/a, and new VCM and PVC plants will be built, as well as supporting EDC tank farms and VCM Public and auxiliary facilities such as tank farm, freezing station, low temperature warehouse, PVC packaging workshop, VCM/PVC plant substation and cabinet room
.

Project Progress:

On June 15, 2021, Wanhua Chemical (Fujian) Co.
, Ltd.
announced the second announcement of the environmental impact assessment information of the PVC project with an annual output of 800,000 tons
.

On the morning of May 17, 2021, China Chengda Engineering Co.
, Ltd.
and Wanhua Chemical Group Co.
, Ltd.
held the EPC general contracting project of the first phase of the PVC project with an annual output of 800,000 tons of Wanhua Chemical (Fujian) Co.
, Ltd.
in Chengda Building.
Contract signing ceremony
.

On March 15, 2021, the environmental impact assessment of Wanhua Chemical (Fujian) Co.
, Ltd.
with an annual output of 800,000 tons of PVC was announced for the first time
.

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