The project is expected to be completed and start operations in 2011, marking a significant milestone for Yangzijiang Acetyl Chemical Co., Ltd. At that time, the company will transition into a major producer of acetic acid, with an annual output reaching millions of tons. This expansion represents a key step in strengthening its position in the global chemical industry.
On January 18, a signing ceremony took place at the Great Hall of the People in Beijing for the cooperation memorandum on the 650,000-ton-per-year acetic acid expansion project of Sinopec-BP Chongqing Yangzijiang Acetyl Chemical Co., Ltd. The event was attended by high-level officials from both China and the UK, including Chinese Premier Wen Jiabao and British Prime Minister Gordon Brown. Other notable participants included Ma Kai, Director of the National Development and Reform Commission; Yang Jiechi, Minister of Foreign Affairs; Chen Deming, Minister of Commerce; Su Shulin, General Manager of China Petrochemical Corporation; and Gary Dirks, Vice President of BP. Liu Genyuan, chairman of the asset company, and Reyad Fezzani, president of BP Chemical Investment Co., Ltd., signed the memorandum on behalf of their respective partners.
Yangzijiang Acetyl Chemical Co., Ltd. is a joint venture between Sinopec Sichuan Vinylon Plant, British BP Chemical Investment Co., Ltd., and Chongqing Energy Investment Co., Ltd. It was approved by the Ministry of Foreign Trade and Economic Cooperation (now the Ministry of Commerce) on December 22, 1995. The company produces acetic acid and its derivatives using natural gas and methanol as primary raw materials. After three phases of development, the company has invested a total of 2.8 billion yuan. Currently, it produces 350,000 tons of acetic acid and 80,000 tons of acetate annually. By the end of 2007, the facility had produced a cumulative 2 million tons of acetic acid and 374,000 tons of acetate, generating sales revenue of 9.4 billion yuan and a total profit of 2.8 billion yuan. The project has successfully recovered shareholder investments and delivered substantial returns, becoming a model for successful foreign investment in western China.
Building on the strong growth of the global and domestic acetic acid market, Sinopec and BP agreed to expand their collaboration. The newly signed 650,000-ton-per-year acetic acid expansion project will be built upon the existing 350,000-ton-per-year plant. With a total investment of 3.5 billion yuan, the project is expected to boost sales revenue by approximately 4 billion yuan and generate about 1 billion yuan in additional profits and taxes. It is scheduled for completion and operation by 2011. Once operational, Yangzijiang Acetyl Chemical Co., Ltd. will become one of the largest acetic acid producers globally, with an annual output of 1 million tons.
The project will utilize BP Chemicals' most advanced technology, ensuring high efficiency and environmental standards. Natural gas, the main raw material, will be supplied by the Sinopec Puguang Gas Field, while the Sichuan-Daiwan Plant will provide methanol and other necessary materials. This collaboration is expected to promote structural adjustments and comprehensive utilization of natural gas resources in the Sichuan-Weifang region, contributing significantly to economic development in Chongqing.
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