The total investment is 13.079 billion yuan, and Jiangsu plans to build a chemical project of 1.5 million tons

On December 6, China National Petroleum Corporation Engineering Co.
, Ltd.
issued an announcement stating: the company's subsidiary China Huanqiu Engineering Co.
, Ltd.
Beijing Branch (referred to as "Beijing Huanqiu") and Jiangsu Fenghai High-tech Materials Co.
, Ltd.
The annual propane comprehensive utilization project EPCm officially signed a contract with a contract value of about 7.
945 billion yuan
.

The main situation of the project

Jiangsu Fenghai 1.
5 million tons/year propane comprehensive utilization project has a total investment of 13.
079 billion yuan.
The construction site is located in Zhewang Lingang Industrial Zone, Lianyungang, Jiangsu Province, China
.
The project plans to take advantage of the existing refinery production capacity and its proximity to the wharf to expand product categories, pursue better economic benefits, and reclaim land to build a propane comprehensive utilization project in the refinery area.
Liquefied gas; through propane dehydrogenation and tail gas conversion to produce propylene and C2 dry gas, etc.
, and then through polymerization, alkylation and other processes to produce polypropylene and ethylbenzene/styrene and other products
.

The project contract includes 1.
5 million tons/year propane comprehensive utilization unit, polypropylene unit, styrene unit, polyolefin composite new material unit, and public works and auxiliary facilities supporting the project
.

Main terms of the contract

Project Amount: The contract amount is approximately RMB 7.
945 billion
.

Settlement method: the total price of the remuneration part is fixed, and the cost is determined according to the estimated budget after the basic design is approved
.

Place of performance: Zhewang Lingang Industrial Zone, Lianyungang, Jiangsu Province, China
.

Fulfillment period: 30 months
.

Dispute resolution method: Any disputes arising from or related to this contract shall be resolved through negotiation between the two parties; if an agreement cannot be reached within 60 days after the negotiation begins, a lawsuit shall be filed in the people's court where the project is located
.

Conditions and time of entry into force: The legal representatives (persons in charge) of both parties or their entrusted agents will sign and affix the special seal of the contract to take effect
.

According to Tianyancha, the equity structure of Jiangsu Fenghai High-tech Materials Co.
, Ltd.
is that Shandong Hongliyuan Co.
, Ltd.
holds 70% of the shares, and Jiangsu Xinhai Petrochemical Co.
, Ltd.
holds 30% of the shares
.
According to public information, the company's 1.
5 million tons/year propane comprehensive utilization project has conducted the first publicity of the EIA in April 2021
.

According to the EIA information: the construction content of the project includes a set of 1.
5 million tons/year comprehensive utilization unit of propane, a set of 400,000 tons/year polypropylene unit, a set of 500,000 tons/year styrene unit, and a set of 400,000 tons/year Polyolefin composite new material plant, a set of 50,000 tons/year butadiene plant, ancillary supporting storage and transportation tank farm and loading and unloading truck facilities, heating power station, circulating water field, fire and industrial water station, accident pool, desalinated water Station and condensate recovery station, control room, laboratory building, warehouse and solid waste warehouse, torch, air compressor station, substation and distribution station, supporting pipe gallery,
etc.