On March 23rd, a grand foundation stone laying ceremony was held in Nanjing for Sinopec Yangzi Branch and BP's 500,000-ton/year acetic acid joint venture project. Leaders of Jiangsu Province Liang Baohua, Nanjing Municipal Committee Secretary Luo Zhijun, Nanjing Mayor Jiang Hongkun and other provincial and municipal leaders, Wang Tianpu, President of Sinopec Corp., and Deutsche Deke, Vice President of BP, and senior managers of the parent companies and related department leaders attended the groundbreaking ceremony. .
The 500,000-ton/year acetic acid joint venture project was jointly invested by Sinopec and BP, which are the world's top 500 companies, and jointly invested and constructed at a 50:50 ratio. Sinopec is invested by its subsidiary Yangzi Petrochemical. The project is located in Nanjing, the central city of the Yangtze River Delta, where China’s economy is developing rapidly. The plant uses methanol and carbon monoxide as raw materials, and uses the world's leading BP carbonyl acetic acid patented technology. Its technical features are high selectivity, high reaction rate, low by-products, and low energy consumption. The project is planned to be put into commercial operation in the first half of 2009.
Acetic acid is used as an intermediate chemical and is widely used in fibers, paints, adhesives, pharmaceuticals, and inks. China is one of the fastest growing countries in the world acetic acid market. It is expected that the demand for acetic acid will reach 2.1 million tons in 2007 and demand will exceed 3 million tons by 2010. In China, nearly 50% of acetic acid consumption is concentrated in East China. The completion of the Nanjing facility will help meet the rapidly growing domestic demand for acetic acid through local suppliers. By taking advantage of the world's leading BP oxo-acetic acid patented technology and Sinopec's logistics advantages in East China, the Nanjing Acetic Acid Joint Venture Plant will become a strong competitor in the acetic acid industry and further consolidate Sinopec and BP's dominance in the acetic acid industry in China.
As early as May 2004 when Premier Wen Jiabao visited the United Kingdom, Sinopec and BP signed a framework agreement to establish a joint venture in Nanjing in London. In March 2005, the two parties signed a joint-venture contract and on November 3 of the same year, an inauguration ceremony for the establishment of Nanjing Yangzi Petrochemical Bihua Acetyl Co., Ltd. was held in Beijing. In addition to the new acetic acid joint venture project to be established in Nanjing, Sinopec and BP have successfully completed the YAROCO joint venture acetic acid project in Chongqing, a southwestern city in China. The plant has successfully expanded production capacity from an annual output of 200,000 tons of acetic acid to an annual output of 350,000 tons. At the groundbreaking ceremony, Chen Jiabao, deputy secretary of the Nanjing Municipal Party Committee and deputy mayor of the Nanjing Municipality delivered a warm speech. He sincerely thanked and hoped that Sinopec will continue to support the economic development of Nanjing and welcome more outstanding companies from all over the world to Nanjing. investment.
Deutsche Deutsche Berkeley, vice president of BP Group, said that BP and Sinopec have many years of close partnership. In the past, BP and Sinopec have demonstrated good performance in building world-class large-scale investment projects.
Wang Tianpu, president of Sinopec Corp., addressed the groundbreaking ceremony and issued a start-up order. He said that Sinopec and BP have a good joint venture and cooperation relationship. The Yangtse Petrochemical BP joint venture acetic acid project started today is a world-class acetic acid production base that the two sides will work together to build. This project will use the world’s most advanced, mature and reliable products. Production technology route and clean technology, and 500,000 tons of high-quality acetic acid products will be put on the market each year after it is put into production, which will consolidate Sinopec and BP's leading position in China's acetic acid industry, accelerate the optimization and adjustment of China's petrochemical product structure, and improve China's The international competitiveness of petrochemicals and the promotion of sound and rapid development of the local economy have played a huge role in promoting.
The 500,000-ton/year acetic acid joint venture project was jointly invested by Sinopec and BP, which are the world's top 500 companies, and jointly invested and constructed at a 50:50 ratio. Sinopec is invested by its subsidiary Yangzi Petrochemical. The project is located in Nanjing, the central city of the Yangtze River Delta, where China’s economy is developing rapidly. The plant uses methanol and carbon monoxide as raw materials, and uses the world's leading BP carbonyl acetic acid patented technology. Its technical features are high selectivity, high reaction rate, low by-products, and low energy consumption. The project is planned to be put into commercial operation in the first half of 2009.
Acetic acid is used as an intermediate chemical and is widely used in fibers, paints, adhesives, pharmaceuticals, and inks. China is one of the fastest growing countries in the world acetic acid market. It is expected that the demand for acetic acid will reach 2.1 million tons in 2007 and demand will exceed 3 million tons by 2010. In China, nearly 50% of acetic acid consumption is concentrated in East China. The completion of the Nanjing facility will help meet the rapidly growing domestic demand for acetic acid through local suppliers. By taking advantage of the world's leading BP oxo-acetic acid patented technology and Sinopec's logistics advantages in East China, the Nanjing Acetic Acid Joint Venture Plant will become a strong competitor in the acetic acid industry and further consolidate Sinopec and BP's dominance in the acetic acid industry in China.
As early as May 2004 when Premier Wen Jiabao visited the United Kingdom, Sinopec and BP signed a framework agreement to establish a joint venture in Nanjing in London. In March 2005, the two parties signed a joint-venture contract and on November 3 of the same year, an inauguration ceremony for the establishment of Nanjing Yangzi Petrochemical Bihua Acetyl Co., Ltd. was held in Beijing. In addition to the new acetic acid joint venture project to be established in Nanjing, Sinopec and BP have successfully completed the YAROCO joint venture acetic acid project in Chongqing, a southwestern city in China. The plant has successfully expanded production capacity from an annual output of 200,000 tons of acetic acid to an annual output of 350,000 tons. At the groundbreaking ceremony, Chen Jiabao, deputy secretary of the Nanjing Municipal Party Committee and deputy mayor of the Nanjing Municipality delivered a warm speech. He sincerely thanked and hoped that Sinopec will continue to support the economic development of Nanjing and welcome more outstanding companies from all over the world to Nanjing. investment.
Deutsche Deutsche Berkeley, vice president of BP Group, said that BP and Sinopec have many years of close partnership. In the past, BP and Sinopec have demonstrated good performance in building world-class large-scale investment projects.
Wang Tianpu, president of Sinopec Corp., addressed the groundbreaking ceremony and issued a start-up order. He said that Sinopec and BP have a good joint venture and cooperation relationship. The Yangtse Petrochemical BP joint venture acetic acid project started today is a world-class acetic acid production base that the two sides will work together to build. This project will use the world’s most advanced, mature and reliable products. Production technology route and clean technology, and 500,000 tons of high-quality acetic acid products will be put on the market each year after it is put into production, which will consolidate Sinopec and BP's leading position in China's acetic acid industry, accelerate the optimization and adjustment of China's petrochemical product structure, and improve China's The international competitiveness of petrochemicals and the promotion of sound and rapid development of the local economy have played a huge role in promoting.
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