Recently, the Development and Reform Commission of Zhejiang Province announced the plan for key construction and pre arranged projects in the province for 2023. In 2023, it is planned to arrange 534 key construction projects in the province, with an annual planned investment of 438.7 billion yuan. A total of 85 advanced manufacturing projects will be arranged, with an annual planned investment of 101.8 billion yuan. This includes four key petrochemical projects with a total investment of over 260 billion yuan.
Zhejiang Petrochemical Co., Ltd. High Performance Resin Project
On August 17, 2022, Zhejiang Petrochemical's parent company, Rongsheng Petrochemical, announced its investment in the construction of a high-performance resin project. According to the feasibility study report, it is estimated that after the project is completed, it can achieve an average annual operating income of 2744343 million yuan and an annual net profit of 2423.14 million yuan. The post tax financial internal income of the project is 17.75%, and the post tax investment payback period is 6.75 years (including a construction period of 2 years). The project officially started construction on June 28, 2022, located on Yushan Island in Daishan County, with a total land area of 783 acres and a total construction area of 174110 square meters. The construction period is from 2022 to 2024, and the planned investment for 2022 is 14.5 billion yuan. According to recent news on the official website of Zhejiang Petrochemical, in 2023, Zhejiang Petrochemical will further strengthen its petrochemical new materials industry, and strive to obtain approval for the third phase of the green petrochemical base. The third ethylene project will be fully put into operation, the first batch of high-performance resin projects will be completed and put into operation, and high-end new materials projects will have completed investment of over 10 billion yuan. Planned construction content and scale: New construction of 1.2 million tons of ABS, 3 * 60000 tons of PMMA, 200000 tons of DMC, 400000 tons of LDPE, etc. (Previously announced: construction of 300000 tons/year LDPE/EVA (tubular) plant, 100000 tons/year EVA (kettle) plant, 400000 tons/year LDPE plant, 200000 tons/year DMC plant, 3 x 60000 tons/year PMMA plant, and 1.2 million tons/year ABS plant.)
Total investment: 19.2 million yuan, planned construction period: 2022-2024 to 22, cumulative completed investment: 50 million yuan, planned investment for 23 years: 6 million yuan, planned progress plan for 23 years: ABS device upper structure construction, equipment installation, etc; LDPE begins ground pipe and foundation construction.
