Official announcement of the chemical giant: maintenance and parking for 3 months!

The largest bottle-grade polyester chip manufacturer in China and Asia-Jiangsu Sanfangxiang Co., Ltd. (hereinafter referred to as "Sanfangxiang") recently announced that in order to further improve production efficiency, reduce PTA production costs, and reduce emissions, the company's wholly-owned subsidiary The company's Jiangsu Hailun Petrochemical Co., Ltd. (hereinafter referred to as "Hailun Petrochemical") carried out energy-saving and emission-reduction technical transformation on the shutdown of the first-phase PTA production unit on June 5.

In order to shorten the parking time and improve work efficiency, Hailun Petrochemical carried out routine maintenance on the production equipment at the same time as the technological transformation and shutdown, to ensure the safe and stable operation of the production equipment. It is estimated that the time for energy-saving and emission-reduction technological transformation and routine maintenance will be about 3 months.

Hailun Petrochemical’s first-phase PTA production equipment energy-saving and emission reduction technical transformation and routine maintenance and shutdown are carried out according to the progress of the technical transformation project and the operation of the equipment. This shutdown will reduce the production and sales of Hailun Petrochemical’s PTA, and the company has carried out ahead of schedule. Part of the stocking has been prepared and the normal production and sales of bottle-grade polyester chips will not have a major impact on the company’s operations.

According to the financial report, as of December 31, 2020, Hailun Petrochemical’s parent company’s 2020 operating income was 9.628 billion yuan, accounting for 38.10% of the listed company’s operating income (before the merger offset), and the total profit was 244 million yuan, accounting for the consolidated profit of the listed company. The proportion of the total is 30.96%.

Public information shows that Sanfangxiang was established in 1980. The company's annual production scale of bottle-grade polyester chips is about 2 million tons. It is currently one of the largest manufacturers in China and Asia. The company’s PTA products are downstream in polyester staple fiber and polyester filament , Bottle-grade polyester chips, films and other different devices have been used in a long-term, extensive, and large-scale use.

The financial report shows that in 2020, Sanfangxiang achieved operating income of 16.3 billion yuan, a year-on-year decrease of 26.2%; realized net profit of 560 million yuan, a year-on-year decrease of 27.7%; in the first quarter of 2021, Sanfangxiang achieved operating income of 4.141 billion yuan, a year-on-year decrease 1.56%; net profit is about 158 million yuan, a year-on-year increase of 949.13%.