On December 28, the 2021 petroleum and chemical private enterprise sales revenue ranking press conference was held online. Hengli Group, Zhejiang Rongsheng Holding Group, and Zhejiang Hengyi Group had sales of 695.335 billion yuan, 308.6 billion yuan, and 266.076 billion yuan respectively. Revenue ranks among the top three among the top 100 private enterprises.
It is understood that in the past five years, the total profits of the top 100 companies have continued to grow steadily. Compared with the profitability of the entire industry, the top 100 companies have shown a steady growth trend, and industry concentration has gradually increased. Among them, the top ten petrochemical companies on this year’s list The total profit of the company was 75.78 billion yuan, accounting for 51.24% of the total profit of the top 100 companies; the total petrochemical revenue of the top ten companies was 1.59 trillion yuan, accounting for 59.3% of the total petrochemical revenue of the top 100 companies; the top ten companies’ R&D The investment was 9.9 billion yuan, accounting for 31% of the total R&D investment of the top 100 companies.
Large private refining and chemical industry helps three polyester giants exceed market value of 100 billion
In recent years, three major private refining and chemical projects, mainly Hengli Group, Rongsheng Holdings, Hengyi Group, and Tongkun Group, have been gradually put into operation in recent years, and their scale advantages and economic benefits have gradually emerged. According to the editor’s knowledge, the total operating income of the top three companies on the list has increased from less than 500 billion in just a few years to over one trillion today. The growth rate is really impressive!
In the future, under the background of survival of the fittest in the global oil refining industry, the advantages of the integrated layout of China’s private refining and chemical enterprises will be more prominent.
1. Advanced technology, large scale, low cost and strong competitiveness
The first and second phases of the Zhejiang Petrochemical refining and chemical project in which Rongsheng and Tongkun are shareholders both have a production capacity of 20 million tons. Hengli Group’s refining and chemical project on Changxing Island in Dalian also has a scale of 20 million tons. Hengyi Petrochemical’s planned refining and chemical project in Brunei The first and second phases are 8 million tons and 15 million tons respectively, totaling 23 million tons.
The scale of these refining and chemical units is world-class. Currently, there are only more than 20 companies with a refining scale of 20 million tons in the world. In China, there are only Sinopec’s Zhenhai Refining (23 million tons) and PetroChina’s Dalian Petrochemical (20.5 million tons). ), private large-scale refining and chemical companies will become among the most competitive refining and chemical companies in the world, and due to the adoption of the most advanced production technology and more reasonable product solutions, profitability will exceed existing production capacity.
2. Product structure is more reasonable
Paraxylene (PX), the core product of large private refining and chemical companies, currently my country’s dependence on foreign countries for PX has reached 60%, with imports exceeding 12 million tons in 2016. Currently, in my country’s entire polyester industry chain, PX is the most in short supply and has long been subject to human constraints. (South Korea, Japan, Singapore, etc.), a large part of the industrial chain profits are retained overseas.
The first phase of Zhejiang Petrochemical has 4 million tons of PX, Hengli Refinery has 4.5 million tons of PX, and Hengyi Brunei Refining has 1.5 million tons of PX. After they are put into operation, they will effectively reduce my country’s dependence on external PX and control the profit points of the entire industry chain in their own hands. .
Compared with domestic refining and chemical companies, these large private refineries try to reduce the output of refined oil and increase the output of chemicals with high added value, thereby effectively avoiding the threat of excess refined oil and ensuring project profitability.
3. Achieve truly integrated supporting facilities and control the profits of the entire industry chain
These large private refining and chemical companies will further enhance the global competitiveness of my country’s polyester industry leader and realize the integrated layout of “crude oil-PX-PTA-polyester”. Rongsheng and Hengyi currently have strong midstream PTA capabilities, so they are actively deploying their upstream refining and downstream polyester filament capabilities; Tongkun has unique downstream filament production capabilities, so they strive to complement their upstream PX and midstream PTA capabilities.
According to research data from China Petroleum and Petrochemical Research Institute, by realizing mutual supply of refining and petrochemical materials, sharing of energy resources and public works, integrated refining and chemical companies can increase the added value of their products by 25% compared with refining companies of the same size, and save money. Construction investment is more than 10% and energy consumption is reduced by about 15%.
At the same time, research shows that private refining sites are located in coastal areas, and companies provide their own crude oil and refined oil terminals. The logistics costs for the entry and exit of raw materials and products are much lower than those of inland refineries.
At present, my country’s chemical fiber industry has reached a critical point where it can fully compete with Europe and the United States. In the next 10 years, a group of leading companies will catch up and surpass overseas chemical powers, and China will also rise to become a world-class chemical fiber power!
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