NEWS
Refining   Petrochemical  

Chinese private-sector firms face refining pressure

Chinese private-sector firms Rongsheng and Hengli relied on petrochemicals to generate profits in this year's first half, despite raising run rates at their new integrated refineries.

Shanghai listed-Hengli Petrochemical performed better than Shenzhen-listed Rongsheng Petrochemical during January-June compared with a year earlier, helped by higher second-quarter purified terephthalic acid (PTA) margins.

Hengli's January-June profit rose by 113.6pc from a year earlier to 4.02bn yuan ($569mn) . The company said its 400,000 b/d Changxing refinery in north China's Dalian, which ramped up runs from May, contributed to its profitability in the first half but the higher profits was mainly because of better performance for its PTA segment.

Rongsheng's profit fell by 8.7pc to Yn1.05bn. Its 400,000 b/d ZPC refinery at Zhoushan in east China's Zhejiang recorded a Yn29.6mn loss in the first half.

Rongsheng said PTA supplies tightened in the first half of the year because of more maintenance at PTA units, while second-quarter margins also increased.

Hengli started producing gasoline in June, after selling mainly gasoline components in the first half of the year but gasoline sales volumes remain small. Rongsheng, which formally started up in the first half of this year, supplied feedstock from the refinery to its Zhongjin Petrochemical subsidiary that runs a 1.6mn t/yr paraxylene unit.

Both firms are also hoping that new ethylene capacity will create a new revenue stream. Hengli says it plans to bring a Yn21bn, 1.5mn t/yr ethylene plant and other derivative units on stream by the end of this year, targeting a full start-up by early 2020. Rongsheng is adding 1.4mn t/yr of ethylene capacity at its ZPC refinery, which is also likely to start up by the end of the year.

News No: 5873
Date: 2019/08/12 - 21:28
News Source: Argus Media

Chinese  refining  petrochemicals  PTA  ZPC 

Comments:

Leave a Comment:

   
   
   
 

Indonesian coal prices flat as tender details emerge

The Indonesian physical coal market made a typically slow start to the week, as details of cargoes awarded in a relatively large Chinese-state controlled utility tender late last week began to emerge.
 

Chinese Steel Market Highlights- Week 33, 2019

In the beginning of this week Chinese steel prices slump further amid bearish market sentiments both in domestic and overseas markets. However towards the end of this week steel prices in domestic market moved up marginally over volatile futures.
 

Chinese Crude Steel Output Shrinks by 3% in Jul’19

As per data released by National Bureau of Statistics (NBS) China’s crude steel output reduces by 3% on monthly basis to 85.22 MnT in Jul’19 in comparison with 87.53 MnT in Jun’19.
 

Imported HRC Offers to Vietnam Slide Further Over Limited Buying

In the beginning of this week imported HRC offers to Vietnam reported decline as buyers are expecting further downside in prices over volatility in Chinese prices and lower export offers from India amid weakening domestic prices.
 

Chinese Steel Market Highlights- Week 32, 2019

This week Chinese steel prices reported significant decline owing to volatile futures amid intensifying US-China trade tensions and pessimistic market sentiments both in domestic and overseas market.
 

Chinese Spot Iron Ore Fines Index Hits 2-Month Low

Chinese spot iron ore prices dropped to USD 99.15/MT, CFR China, as on 5th Aug’19. The prices fell as against USD 108.45/MT, CFR China towards last weekend.
Upcoming Events
Publications
 Mines & Metals

Mine & Business Today

 Scrap & Recycling

Ahangan

Our partners