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China Rongsheng purchases first condensate cargoes for its mega refinery to be shipped in December

October 18/2021

MOSCOW (MRC) -- Chinas Rongsheng Petrochemical has bought its first condensate cargoes for its mega refinery to be delivered in December, reported Reuters with reference to trade sources.

The trading arm of Chinese private refiner Zhejiang Petrochemical purchased a North West Shelf (NWS) condensate cargo from BPand a  Bayu Undan condensate cargo from Glencore , they said.

It is unusual for the refiner to purchase condensate as it typically buys medium to heavy sour crude for its mega refinery, traders said.

The refiner might be blending the condensate cargoes with the 2 million barrels of Iraqi Basra Light crude it purchased in a tender from Chinese trader Unipec earlier this week, one of the sources said. Condensate yields more naphtha, a feedstock for the refiners petrochemical production.

Zhejiang Petrochemical Co Ltd (ZPC) operates Chinas largest refinery capable of processing 800,000 barrels per day of crude in Zhoushan, Zhejiang province.

As MRC informed before, earlier this year, ZPC started up its No. 2 cracker in Zhoushan, China, which is part of the company's phase 2 petrochemical project in the cournty. Thus, the cracker with an annual capacity of 1.4 million tons/year of ethylene and 700,000 tons/year of propylene began trial runs in early April 2021. The commercial production at this facility was received two weeks later. 

We remind that ZPC started operations at its No. 1 cracker in the first half of November 2019, whereas the commercial production at this cracker was received in late December 2019.

Ethylene and propylene are the main feedstocks for the production of polyethylene (PE) and polypropylene (PP), respectively.

According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 1,396,960 tonnes in January-July 2021, up by 7% year on year. Shipments of all grades of ethylene polymers increased. At the same time, PP shipments to the Russian market were 841,990 tonnes in the first seven months of 2021, up by 29% year on year. Supply of propylene homopolymers (homopolymer PP) and block-copolymers of propylene (PP block copolymers) increased, whereas supply of statistical copolymers of propylene (PP random copolymers) subsided.
Author:Margaret Volkova
Tags:PP, PE, crude and gaz condensate, propylene, ethylene, petrochemistry, Zhejiang Petrochemical, China.
Category:General News
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