Net Profit Exceeds 20 Billion! Wanhua Chemical Launched Two Major Petrochemical Projects!

Recently, chemical giant Wanhua Chemical announced two major petrochemical projects that will be expanded and built. The WeChat official account of Inner Mongolia Chemical has learned that in recent years, Wanhua Chemical is continuing to improve its independent innovation capabilities and extend the industrial chain. The POCHP project will be constructed in Yantai Economic and Technological Development Zone, Shandong Province.

According to reports, as of December 5, 2021, a total of 32 institutions have made predictions on Wanhua Chemical (600309)’s 2021 annual performance within six months. The forecasted net profit in 2021 will exceed 20 billion yuan, with an average value of 24.505 billion yuan. A year-on-year increase of 144.04% compared to last year.

Wanhua Chemical: 200,000 tons/year maleic anhydride project

Construction unit: Wanhua Chemical Group Co., Ltd.

Construction nature: reconstruction and expansion

Construction site: East District, Wanhua Yantai Industrial Park, Dajijia Street, Economic and Technological Development Zone, Yantai City, Shandong Province
Project scale: 200,000 tons/year

Background of the project:
At present, degradable plastics are mainly divided into PLA, PBS, PCL, PHA, PHB, etc. according to the raw materials. Among them, PBS (polybutylene succinate) has become the best at present due to its low price, excellent mechanical properties, and good processing heat resistance. One of the general-purpose biodegradable plastics with industrialization prospects. The basic raw material for succinic acid, the main raw material for the production of PBS, is maleic anhydride.

After the maleic anhydride project is completed, the maleic anhydride product can bring economic benefits while realizing energy coupling between the devices, making the most effective use of the by-product steam of the maleic anhydride device, achieving energy saving and environmental protection, and having good economic and social benefits.

Based on the above background, Wanhua Chemical plans to build a 200,000 tons/year maleic anhydride project, which can achieve both environmental protection emissions and energy recycling, which is of positive significance for plastic pollution control.

Wanhua Chemical: 400,000 tons/year propylene oxide (POCHP) project
Construction nature: reconstruction and expansion;
Construction unit: Wanhua Chemical Group Co., Ltd.;
Construction site and land area: East Zone, Wanhua Yantai Industrial Park, Yantai Chemical Industrial Park, Yantai Economic and Technological Development Zone, with a total area of 137137m²;
Annual operating time: 8000 hours;
Project implementation plan: the planned commissioning date is June 2023;
Construction content and scale: Newly build a set of propylene oxide production equipment with an annual output of 400,000 tons, 2# open ground torch in East District, and supporting public works, storage and transportation projects, environmental protection projects, etc.

Project construction background:
Propylene oxide (PO) production processes mainly include chlorohydrin method, co-oxidation method, and direct oxidation method. The chlorohydrin process equipment is corroded seriously, and the three wastes are discharged. The co-oxidation process is complex and has many by-products. The direct oxidation process has few successful cases and low process maturity. The POCHP method is an improvement of the co-oxidation method and has the advantages of low reaction energy consumption, low raw material consumption, few by-products, low environmental pollution, and low equipment costs.

There are 18 existing PO manufacturers in my country, with a total capacity of 3.2 million tons, of which 1.73 million tons of chlorohydrin method, accounting for 54%, but the chlorohydrin method accounts for only 40% of the world, so my country’s current PO production technology The backwardness is serious, and the production capacity structure urgently needs to be upgraded.

With the continuous increase of Wanhua Chemical Group’s demand for polyethers, Wanhua’s existing PO production processes have by-products restricted by market uncertainty, while advanced PO processes have always been monopolized by foreign technology, and the development of products is concentrated, with little investment, A PO production process with easy-to-control capacity is imperative.

Therefore, Wanhua Chemical Group began to conduct research and development of the cumene hydrogen peroxide method (POCHP) process in 2014, and developed a complete set of POCHP technology with independent intellectual property rights. Started the POCHP pilot process technology development in 2014 and completed the pilot test in May 2020. At present, the industrialization test research has been completed, and the process technology with independent intellectual property rights has been formed, and the industrialization test research has been completed. The ability to scale up the foundation and construction of industrial production facilities.

It is reported that after the completion of the project, Wanhua Chemical Group will have three industrial production technologies: PO/MTBE, PO/SM and POCHP, breaking the foreign technology blockade, filling the domestic gap, and making Wanhua the third company in the world to master this technology. The company has greatly improved Wanhua’s competitiveness in the PO industry; at the same time, it has also enabled the technology to develop simultaneously with foreign technology and reach the international advanced level.