Fujian state-owned enterprise plans to build 200,000 tons/year maleic anhydride and 100,000 tons/year PBS project

On April 14, 2022, Zhangzhou Jiulongjiang Gulei Development Group Co.
, Ltd.
(hereinafter referred to as Gulei Development) 200,000 tons/year maleic anhydride and 100,000 tons/year PBS project was approved
.

Gulei Development, whose major shareholders are Zhangzhou Jiulongjiang Group Co.
, Ltd.
(accounting for 35.
5% of Gulei Development), Zhangzhou Gulei Port Investment Co.
, Ltd.
(accounting for 23.
6% of Gulei Development), etc.
, are local state-owned enterprises
.

Zhangzhou Jiulongjiang Group Co.
, Ltd.
has a great background.
It is one of the shareholders of the Zhongsha Gulei ethylene project with a total investment of 42.
07 billion yuan
.
The Zhongsha Gulei ethylene project, namely the Fujian Gulei 1.
5 million ton/year ethylene and downstream deep processing complex project, has recently been officially approved by the Fujian Provincial Development and Reform Commission, and it is determined that the project will start on-site in June this year
.

According to reports, this is the largest Sino-foreign joint venture project invested by Fujian Province so far
.
As the third batch of national major foreign investment projects and the second round of national key projects of Sino-Saudi production capacity and investment cooperation, the project is organized by Saudi Basic Industries Corporation (SABIC), Fujian Nenghua Group and Zhangzhou Jiulongjiang Group at a rate of 51%: 25 %: 24% shareholding ratio is joint venture construction
.
The project adopts a total of 19 world-leading technologies, with an annual output value of about 30 billion yuan after completion, which will drive upstream and downstream investments of over 100 billion yuan
.

The details of the Zhongsha Gulei ethylene project show that Gulei Development is also the main body of the implementation of several sub-projects, including the 600,000-ton/year styrene project, the 400,000-ton/year adiponitrile project, the 260,000-ton/year acrylonitrile project, and the 50,000-ton/year acrylonitrile project.
10,000 tons/year low-density polyethylene and 200,000 tons/year polypropylene projects, 500,000 tons/year acetic acid synthesis gas projects,
etc.

Gulei Development came from the name change of the original Zhangzhou Jiulongjiang Gulei Investment Co.
, Ltd.
on December 31, 2021
.
After seven years of development and growth, it now has 4 ownership enterprises, whose business scope covers water supply, heating, power supply, public pipe gallery, sewage treatment, solid waste environmental protection, port and wharf and other sectors, with total assets exceeding 22 billion yuan
.