Petrochemical and Energy News（中文版见底部）
Sinochem International Plans to Invest 10 billion yuan to Build a New Chemical Base
Soon after the mergeof Sinochem and Chemchina, China Sinochem Group Co., Ltd. (hereinafter referred to as Sinochem Group) 's only A-share listed company announced a heavy investment plan. Sinochem International announced that it plans to build a new chemical base in Lianyungang City, Jiangsu Province, with an investment scale of 13.9 billion yuan. The chemical base will produce carbon three series products, meaning various new chemical materials derived from propane, including bisphenol A, phenol acetone and other finished products. The project is scheduled to be completed and put into operation before the end of June 2022. It is expected that the average annual sales income will exceed 11 billion yuan and the total annual profit will be about 1.7 billion yuan. Sinochem International also plans to build a supporting storage project in Lianyungang with a total investment of 1.3 billion yuan. The first phase of the chemical tank farm is expected to be commissioned by the end of 2021.
New progress in Wanhua Chemical's large ethylene project
Recently,thelow-density polyethylene (LLDPE) device substation and power distribution stationofChina Chemical Engineering Sixth Construction Co., Ltd. Wanhua Chemical Polyethylene Integrated Projectweresuccessfully sent and received power, becoming the earliest project that reached the power receiving conditions. The power station marks the construction of the device into the single-stage commissioning stage. This project is a supporting project of the second phase of Wanhua Yantai Industrial Park, a key project in Shandong Province. It adopts international advanced technology and is committed to building the highest level of ethylene industry chain in China.anda world-class chemical new material park.
Hong Kong Zhongcheng Energy Group invested 63 billion yuan in Tieshan Port Chemical New Material Project
The total investment of the first phase of the new material project invested by Hong Kong Zhongcheng Energy Group Chemical in Tieshan Port, Guangxi is 29 billion yuan, with an annual output of 2 million tons of new chemical materials. It mainly builds basic material production bases, new material compounding centers, new material research and developmentcenterandemployee living base; the second phase has a total investment of 34 billion yuan and annual production of 2.4 million tons of new chemical materials. The project is expected to complete the first phase in 2024 and start the second phase of the project at the same time, with an estimated annual output value of 50 billion yuan and tax revenue of 5 billion yuan.
Russia expects oil production to fall by 15% in 2020
According to the Interfax news agency, Russian Energy Minister Alexander Novak said on Wednesdaysaidthat the country's oil production may fall to 15% this year, the first annual reduction in production in the country since 2008.
Novak said that Russia’s oil production will fall from a peak of 560 million tons in 2019 to 480-500 million tons (9.6-10 million barrels per day). In 2008, oil prices fell due to the financial crisis, and Russian oil production fell by 0.7%.
Novak also said that as part of the global supply agreement, both foreign and domestic oil projects will reduce production. According to Interfax news agency, Novak said that as part of the OPEC-led deal, Russian companies will continue to cut production by 19% on the basis of February.
U.S.ElectricityCompany Announces Tender for 1GW Renewable Energy Projectwith DeadlineonMay 18
International Solar Photovoltaic News: Recently, Dominion Energy Virginia released its largest ever tender for renewable energy projects, targeting at most 1,000MW solar and onshore wind power, and 250MW energy storage projects.
It is reported that this tender is part of the company's latest integrated resource plan (IRP), which hopes to deploy 24GW of offshore wind, solar and energy storage projects within the next 15 years. Of these 24GW, 16GW comes from solar projects, while 2.7GW is used for energy storage systems.
It is worth noting that solar energy, wind power and energy storage are the only scalable power generation resources listed under the new IRP, and the total installed capacity of each resource will be put into use by 2035.
For the tender for 1000 MW solar and onshore wind power and 250 MW energy storage projects initiated by Dominion, interested developers must submit a bid letter of intent and confidentiality agreement by May 18. Dominion official website: http://www.dominionenergy.com
The installed capacity of a single project is at least 5MW, and all projects should be located in Virginia and put into commercial operation by the end of 2023. Energy storage tenders can be linked to the proposed solar / wind power projects or can be bid separately.
Source: China Industry Competitive Intelligence Network
China Chemical Information Weekly
Beihai Municipal Government Website
International Energy Network
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国际太阳能光伏网讯：近日，Dominion Energy Virginia发布其有史以来最大的可再生能源项目招标，针对至多1000MW太阳能和陆上风电，以及250MW储能项目。
对于Dominion发起的1000 MW太阳能和陆上风电和250 MW储能项目招标，有兴趣的开发商须在5月18日之前提交投标意向书和保密协议。Dominion官网：http://www.dominionenergy.com