Changhua Chemical (301518) carbon dioxide polyether industry chain layout ushered in the latest progress.
According to the announcement disclosed not long ago, Changhua Lianyungang, a wholly-owned subsidiary of Changhua Chemical, has obtained the real estate property certificate and investment project record certificate, which also means the smooth progress of the construction of the "carbon dioxide polyether and high-performance polyol project", laying a more solid foundation for improving the company's sustainable operation ability and promoting the company's sustainable development.
Changhua Chemical is a professional large-scale manufacturer of polyether series products in China, and its main business is the R&D, production and sales of polyether products. The company's products cover polyether for flexible foam, polyether for case and special polyether, of which polyether for flexible foam is the company's main product, including POP and PPG products for flexible foam. In the first three quarters of 2023, Changhua Chemical's sales revenue was 182.2 billion yuan, a year-on-year increase of 405%；Deduct non-net profit of 7954030,000 yuan, a year-on-year increase of 2934%。
In order to promote the company's industrial chain layout with carbon dioxide polyether as the core, actively give full play to its own industry advantages, and help realize the green transformation of the chemical industry, Changhua Chemical signed the "Investment Project Cooperation Agreement" and "Supplementary Agreement" with the Management Committee of the National Eastern, Central and Western Regional Cooperation Demonstration Zone (Lianyungang Xuwei New District) in 2023, and plans to invest in the construction of the "Carbon Dioxide Polyether and High-performance Polyol Project", which will be implemented by Changhua Lianyungang, a wholly-owned subsidiary.
According to the announcement on the evening of February 1, Changhua Lianyungang has signed the "State-owned Construction Land Use Right Transfer Contract" with the Natural Resources and Planning Bureau of Lianyungang City, Jiangsu Province, and completed the land ownership registration procedures, and obtained the real estate property certificate and investment project record certificate. The project will be implemented in two phases: the first phase will mainly build an 80,000-ton-per-year carbon dioxide polyether plant, a 300,000-ton-per-year polyether polyol plant, a 360,000-ton-per-year polymer polyol plant, an 800-ton-per-year catalyst unit and public works, auxiliary facilities, off-site projects, etc.; In the second phase, 980,000 tons of carbon dioxide polyether plant, 360,000 tons of polymer polyol plant and public works, auxiliary facilities, off-site projects, etc. will be built. After the completion of the project, it can achieve an annual output of 1.06 million tons of carbon dioxide polyether, 300,000 tons of polyether polyols, and 720,000 tons of polymer polyols.
It is understood that the project covers an area of about 659 acres, and is planned to start in 2024, with a total investment of 586.2 billion yuan.
Changhua Chemical said that Changhua Lianyungang obtained the above-mentioned real estate property certificate and investment project record certificate, which is the smooth progress of the construction of "carbon dioxide polyether and high-performance polyol project", which will help optimize the company's industrial structure and improve the industrial layout after the completion of the project, which is in line with the company's long-term planning, helps to improve the company's sustainable operation ability and promote the company's sustainable development.
Talking about the advantages of carbon dioxide polyether and its future application prospects, Changhua Chemical said that under the "double carbon" policy, international chemical companies such as BASF have made carbon emission commitments and began to carry out carbon dioxide management, carbon emission reduction has become the only way for industrial development and a key element for the sustainable development of enterprises. In the National Development and Reform Commission's "Industrial Structure Adjustment Guidance Catalogue (2024 Edition)", carbon dioxide to polycarbonate is listed as a green and efficient technology in the encouraged category.
According to the "2023-2024 Annual Report on China's Polyether Polyol Market" issued by Zhuochuang Consulting: "In terms of downstream demand for polyether, it is expected that domestic demand will gradually recover from 2024 to 2028 and maintain a growth rate of about 5%. The growth of domestic demand is still related to the macro development of real estate and automobiles, but the overall expectation is that the terminal demand is expected to increase, driving the increase in consumption in the polyether market. ”