Ten million tons of ethylene project in Tianjin will be completed immediately after the completion of the project, which will drive Tianjin's industrial output value to increase by 4 percentage points.
It is reported that the total investment of the project will reach 21 billion yuan, which is the largest investment project in Tianjin. After completion, Tianjin Petrochemical's total ethylene capacity will reach 1.2 million tons, and its refining capacity will reach 12.5 million tons. This is the current ethylene project that fully realizes oil refining and ethylene integration construction in China. After the project is completed, it can produce 12 million tons of petroleum, petrochemical and chemical fiber products each year. It is estimated that the new sales revenue will reach 26.2 billion yuan, which will drive the growth of Tianjin's industrial output value by 4 percentage points and will drive the investment in downstream industries and supporting projects to reach 100 billion yuan. Profits and taxes of 23 billion yuan are of great significance to the coordinated economic growth of the Bohai Rim region.
This project is an extra-large petrochemical project invested by China Petrochemical Corporation in accordance with the development model of 'regionalization, large-scale, integration, and specialization'. It is an integrated refining and chemical project that is planned, designed and organized according to international advanced standards. The project includes ethylene cracking and mid-and-downstream installations with world-class scale and technical level, and simultaneous implementation of expansion and reconstruction of existing oil refining installations, construction of supporting utilities and other facilities.
According to experts, when a country enters the stage of heavy chemical industry development, the growth rate of ethylene equivalent demand is often 1.5 times that of the growth rate of GNP over the same period. The production capacity and level of the ethylene industry directly reflect the country’s overall economic strength. In 2004, China's ethylene production capacity was 6.05 million tons, and its output reached 6.27 million tons. In the same year, domestic ethylene equivalent consumption was 14.5 million tons, and self-sufficient domestic ethylene production decreased from 78% in 1990 to 43%. It is predicted that by 2010, China's ethylene production capacity will reach 17 million tons, the equivalent demand will reach 27 million tons, and the ethylene self-sufficiency rate will increase to 58%. Therefore, China's ethylene and its downstream processing industries still have more room for market development.