At present, the domestic PTA, polyester and caprolactam industries are developing rapidly. The bottleneck of upstream raw material sources is increasingly prominent, and the dependence on imports is very high. In 2011, the proportion of PX imports from Hengyi Petrochemical exceeded 65%, and the proportion of ethylene glycol (MEG) imports was close to 100%. Hengyi Petrochemical said that this move is to open up the bottleneck of the existing PTA-polyester industrial chain and resolve the market risk of raw material supply.
PMB's petrochemical project is a petrochemical project that uses crude oil and condensate as raw materials in cooperation with Hengyi Petrochemical and the Brunei government. The first-phase investment is estimated to be 4.292 billion U.S. dollars, and a 8 million-ton/year refinery unit will be built, as well as related crude oil, refined oil wharfs, and power plants. After completion, the annual output of major products will be 1.5 million tons for PX and 500,000 tons for benzene. Diesel 1.5 million tons, gasoline 400,000 tons, aviation kerosene 1 million tons, light naphtha 150 million tons.
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