PX Industry: Big Countries Are Deploying The Overall Plan, And Private Enterprises Support Half The Sky.

China's "13th Five-Year plan" has made clear plans to focus on the construction of seven petrochemical industrial bases, promote the integration of refining and chemical industry, and promote the efficient development of green and petrochemical industries. China's refining and chemical industry has enormous potential for growth and has become the focus of global attention. Refining and chemical integration is the inevitable trend of the development of global petrochemical industry in the future. "Suitable oil is oil, suitable Fang Zefang and Yi ene ene", forming a hedge between refining and chemical products. The switch between ethylene and PX in chemical industry will become normal, thus boosting the development of PX and downstream industries in China.

Excessive refining of refined oil companies in crisis

Since 2017, under the background of China's oversupply of refined oil products, the pressure of domestic sales of gasoline and diesel resources is extremely severe, and refineries have been actively expanding in PX, indicating that they want to increase their industrial chains and actively try to develop non taxable aromatics such as aromatics. With the continuous growth and development of independent refineries, the refineries of independent refineries, after completing the layout of atmospheric and vacuum distillation, catalysis and coking, have begun to invest more heavily in two or three processing plants such as catalytic reforming, which will certainly change the previous development mode of atmospheric vacuum distillation, catalytic cracking and delayed coking unit.

General catalytic reforming refers to the process of rearranging the hydrocarbon molecular structure in the gasoline fraction under the action of catalyst. The main products are high octane reforming gasoline, benzene, toluene, xylene, topped oil, reforming raffinate oil, hydrogen, etc. At present, independent refineries are pouring into the redevelopment craze. The main reasons are as follows: first, from the macro policy perspective, with the accelerated pace of China's refined oil upgrading, the implementation of the six fuel standard nationwide in January 1, 2019. In order to cope with the market demand, the upgrading and extension of the device is a pressing matter of the moment. Because the reformer can produce high quality octane gasoline components, this is of great significance in reducing the dependence of refineries on imported aromatic compounds and coping with the pressure of future oil upgrading. Two, from the market environment, the problem of excess capacity in China's oil refining industry is still grim. Only by seeking diversified products and vigorously developing chemical industry, can advance layout be able to occupy a place in the fierce market competition. The reformer can produce important basic petrochemical raw materials, such as pure benzene, toluene, xylene and so on, which will lay a good foundation for extending the downstream chemical product chain. At the same time, as pure benzene, toluene and xylene are non taxable products, this will bring about relatively substantial consumption tax revenue for independent refineries. Three, because the price of naphtha is low for a long time, the added value of its products is relatively low. Catalytic reforming unit can effectively solve the problem of excess supply of naphtha and produce a large number of high value-added products, thereby enhancing the overall profitability of refineries.

On the whole, as China's large-scale refining and chemical projects have been launched, 2018-2020 years, the main reformer products of Shandong independent refineries are facing the risk of oversupply, such as topped oil, raffinate oil, pentane oil and reforming aromatics. First, the market competition between reforming gasoline and importing aromatic compounds will be a focus issue. The relatively low demand for light oil may have an impact on its supply and demand environment. PX will provide a new carrier for reforming products, and will play a role in shunting aromatics, thus reducing the sales pressure of reformed gasoline.

PX speed up upgrading to seize xylene consumption

In the field of aromatics, in the period of rapid expansion of the integration project, although the quantity of xylene is limited, the impact on price fluctuation is negligible. In this process, the actual capacity increase of xylene is more obvious, and the PX utilization rate will also increase the utilization rate of xylene, resulting in a significant increase in the PX ratio of downstream demand. By the end of 2018, PX accounted for about 58% of the downstream consumption of xylene in China. According to incomplete statistics, with the integration of xylene and its PX installations in the refining and chemical integration, the PX will account for about 85% of the downstream consumption of xylene in 2023, and the growth rate will be ten.

Planning schedule for seven refinery bases

In China's seven major refineries and bases, the total capacity of the new refineries in the future will be as high as nearly 15 million tons, and the corresponding PX production capacity will be as high as 19 million 500 thousand tons, which will be one of the important products in the industrial chain of "Yi Fang Fang Fang". In the future, PX will enter the stage of vigorous development by virtue of the strategic goal of the country. Along with Hengli Petrochemical 20 million ton / year refinery integration project feeding drive, announced that China's first large-scale private refining and chemical projects to accelerate the commissioning phase of the commissioning and operation of the project, and then tens of million tons of refining and chemical integration projects will soon usher in a centralized operation, and the integration project is also in the chemical industry chain to the terminal transformation stage.

Horizontal contrast analysis of large scale petrochemical integration projects

Hengli 20 million ton / year refining and chemical integration project

Introduction: the implementation of the project is Hengli refining and Chemical Co., Ltd., processing crude oil for sand weight, sand, Marin crude oil, using the full hydrogenation process, using Chevron, Lummus (Rums), GTC, Grace, Topsoe, Axens and other advanced international packaging technology.

Product: 4 million 500 thousand tons PX

Main construction contents: 20 million tons of atmospheric and vacuum distillation and 11 million 500 thousand ton heavy oil hydrogenation unit (including diesel oil hydrogenation, wax oil hydrogenation and boiling bed residue hydrotreating unit), 3 sets of 3 million 200 thousand ton reformers, 2 sets of 2 million 250 thousand ton aromatics plant, 1 million 300 thousand ton mixed dehydrogenation unit and other processes.

Progress: in December 26, 2018, commissioning was formally put into operation. In March 15th, first sets of reformers were successfully driven, and aromatics equipment was equipped with start-up conditions. First of the 2 million 250 thousand ton / year production lines produced PX products in March 24th.

Advantages: matching 6 million 600 thousand tons PTA capacity and 1 million 600 thousand tons of polyester production capacity. To achieve the "oil chemical terminal" chain, and to be the first set of PX private projects put on the market.

Zhoushan 40 million ton / year refining and chemical integration project

Introduction: the project is invested by Rongsheng petrochemical, Juhua Group, Tong Kun group and Zhoushan ocean in 51%, 20%, 20%, 9% equity division.

Product: 8 million tons PX.

Main construction contents: 20 million tons / year oil refining (including 5 million 200 thousand tons / year aromatics and 1 million 400 thousand tons / year ethylene), 22 sets of refinery units and 15 sets of chemical installations. The core facilities for refining, aromatics and ethylene in the 2 phase are the same as those in 1 phases, including 22 sets of refining units and 12 sets of chemical installations.

Progress: in December 29, 2016, the reply to the environmental impact statement on the 40 million ton / year refining and chemical integration project of Zhejiang Petrochemical Company Limited (ring No. 2017] 45) in July 10, 2017, the Zhejiang provincial Party committee and the provincial government held the fourth batch of activities to expand effective investment projects in the province. It is expected that the trial run will be completed by the end of 2019, and the 2 phase will be completed in 2 years after the 1 phase.

Advantages: PTA matching Yisheng Petrochemical 13 million 500 thousand tons, Tong Kun group 1 million 500 thousand tons, Tong Kun group 2 million 200 thousand tons (New); polyester matching aspects, Tong Kun group 3 million 900 thousand tons, Rongsheng Petrochemical 1 million tons. Its monomer production capacity is the biggest in the world.

Sheng Hong 16 million tons / year integration project

Introduction: the project covers an area of 612.83 hectares. The project includes refinery and aromatics plant, ethylene and downstream chemical plant and related supporting facilities. The project is divided into 2 stages: construction, refining, aromatics, storage and transportation, public and environmental protection, and later construction of ethylene and downstream chemicals.

Product: 3 million tons PX.

Main construction contents: 16 million tons / year atmospheric vacuum distillation (including 3 million 600 thousand tons / young hydrocarbon recovery), 2 million 800 thousand ton / year aromatics combination plant (including 4 million ton / year naphtha hydrogenation, 320 * 20 thousand ton / year continuous reforming, 1 million 500 thousand ton / year aromatics extraction and 3 million ton / year para xylene), 1 million 100 thousand ton / year ethylene plant and so on.

Progress: it was awarded the Jiangsu development and Reform Commission in September 2017. In December 14, 2018, the project was officially launched, and the civil engineering construction is expected to be completed by the end of 2019. The installation of equipment will be completed in 2020 and completed and put into operation in 2021.

Advantages: matching 1 million 500 thousand tons PTA capacity, 2 million 50 thousand tons of polyester production capacity. Forming a complete new high-end textile chain of "crude oil aromatic polyester polyester fiber".

In the future, the large-scale petrochemical projects with private enterprises as the main force will be launched. The products of the refinery plant will cover five parts: gasoline, kerosene, VI diesel, chemical products and lube base oil, and each part will be refined into many sub categories. The products will be diversified and developed, so that the industrial chain will be further improved. In terms of PX, the closing of polyester industrial chain can be achieved, and the bargaining power of enterprises will be significantly enhanced, which will help to lock in the profit space and have the right to speak. At the same time, by reducing transportation costs and procurement costs, enterprises can effectively reduce the impact of fluctuations in single industry chain links on performance, improve resource utilization efficiency, and effectively resist industry cycle risks.