Sinopec licenses PP technology to USA, posts half-year results

By Nina Ying Sun
Assistant Managing Editor

Published: August 26, 2014 11:46 am ET
Updated: September 2, 2014 1:01 pm ET

Image By: Sinopec Corp. Sinopec Corp. executives at the firm's half-year report.

Related to this story

Topics Materials Materials Suppliers United States China
Companies & Associations

China’s state-owned petrochemical giant Sinopec Corp. said it is licensing polypropylene polymerization technology to a U.S. plant for the first time in history.

The Beijing-based company said it has recently signed an agreement to license gas-phase PP continuous pre-polymerization technology to Formosa Plastics Corp. USA.

The technology has also been licensed to four customers in China. Sinopec claims the technology features high efficiency, can significantly reduce the usage of hexane and reduced unit operating cost.

In China, Sinopec has just launched a 200,000-ton PP facility in Maoming, Guangdong province, raising the total PP capacity of the Maoming site to 670,000 tons, the company said earlier this month.

The company, which ranked No. 3 in the latest Fortune Global 500 list, also announced its half-year results on Aug. 22, showing a huge loss of its chemical portfolio.

Despite the 31 billion yuan ($5 billion) corporate wide net profit, Sinopec’s chemical business lost 4 billion yuan ($650 million) on 213 billion yuan ($35 billion) of sales in the first six months.

Fierce competition in the domestic market led to significant price reductions on chemical products, causing the loss, the midyear report said. It also cited rising domestic capacity, growing imports and high feedstock price as contributing factors.


Comments

Sinopec licenses PP technology to USA, posts half-year results

By Nina Ying Sun
Assistant Managing Editor

Published: August 26, 2014 11:46 am ET
Updated: September 2, 2014 1:01 pm ET

Post Your Comments


Back to story


More stories

Image

Fire at Texas plant could impact polypropylene market

April 1, 2015 11:21 am ET

No injuries were reported in a March 30 fire at an ExxonMobil Chemical propylene unit in Beaumont, Texas — but the incident could affect the...    More

Image

Solegear raising funds as it debuts on TSX Venture stock exchange

April 1, 2015 11:08 am ET

A fledgling bioplastics company has raised capital for growth and obtained a listing on the TSX Venture stock exchange.    More

Image

Lanxess merges PU additives into Rhein Chemie division

April 1, 2015 9:17 am ET

German resin company Lanxess AG has combined the activities of the former Rhein Chemie and its Lanxess functional additives business into a new Rhein ...    More

Image

North American Pipe unit lab to focus on 'modern, innovative' formulations

March 31, 2015 3:25 pm ET

North American Specialty Products LLC — a unit of North American Pipe Corp. — has opened a new material science lab in Leola, Pa.    More

Image

Top suppliers of engineering polymers

March 31, 2015 12:16 pm ET

   More

Market Reports

Flexible Packaging Trends in North America

North America represents about 30 percent of the global consumption of flexible packaging. Annual growth in this region is forecast at 4 percent during the next 5 years.

For more insight on growth opportunities, drivers of growth and the outlook for 2015, download this report.

Learn more

Plastics Recycling Trends in North America

This report is a review and analysis of the North American Plastics Recycling Industry, including key trends and statistics based on 2013 performance. We examine market environment factors, regulatory issues, industry challenges, key drivers and emerging trends in post-consumer and post-industrial recycling.

Learn more

Plastics in Mexico - State of the Industry Report

This report analyzes the $20 billion plastics industry in Mexico including sales of machinery & equipment, resins and finished products.

Our analysts provide insight on business trends, foreign investment, top end markets and plastics processing activity. The report also provides important data on exports, production, employment and value of plastics products manufactured.

Learn more

Upcoming Plastics News Events

June 2, 2015 - June 3, 2015Plastics Financial Summit - Chicago 2015

September 16, 2015 - September 18, 2015Plastics Caps & Closures - September 2015

More Events