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China Zhejiang Rongsheng Eyes Doubling Refinery Capacity in 2020

Source: Reuters 9/8/2016, Location: Asia

Chinese conglomerate Zhejiang Rongsheng Holding Group plans to double capacity of a joint venture refining project to 800,000 barrels per day (bpd) in 2020, two years after the first phase starts up, senior company officials said.

The project, a venture among private companies led by Rongsheng, is planning to start up the 400,000 bpd first phase in 2018, aiming to meet the group's requirements for petrochemical feedstocks.

"Our aim is to produce petrochemicals, especially aromatics," Bochun Shou, general manager of Rongsheng International Trading Co, told reporters.

Rongsheng currently imports about half of the paraxylene (PX) it needs to produce plastics used to make synthetic fibres and bottles.

The company requires about 9 million tonnes per year of PX for its 13.7 million tpa capacity of purified terephthalic acid (PTA) production, Shou said.

The company on Thursday officially launched a 10,000 square foot trade office in Singapore overlooking Marina Bay.

"The office will handle external business and it's mainly to purchase feedstocks naphtha and fuel oil," Shou said.

Each month the company buys 250,000 tonnes of fuel oil and 150,000 tonnes of naphtha for its plants in China, he said.

The Singapore office now has a staff of five to six, which will be increased to more than 20 next year, Shou said.

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