MOSCOW (MRC) -- 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, said Plasticsnews.
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 (USD5 billion) corporate wide net profit, Sinopec’s chemical business lost 4 billion yuan (USD650 million) on 213 billion yuan (USD35 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.
Sinopec Maoming Petrochemical Company (Maoming Company) - a subsidiary of Sinopec- is located in Maoming, Guangdong and was founded in May 1955. The company now has a crude oil processing capacity of 13.5 million t/a and an ethylene production capacity of 1 million t/a. Maoming Company has turned out to be a large-scale integrated refining and chemical enterprise with refining as the leading business and petrochemical sector as the mainstay.
China Petroleum & Chemical Corporation, or Sinopec Limited is a Chinese oil and gas company based in Beijing, China. It is listed in Hong Kong and also trades in Shanghai and New York . Sinopec is the worlds fifth biggest company by revenue.
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