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On August 17, Oriental Shenghong (000301) announced that the company's 16 million tons/year Shenghong refining and chemical integrated unit has completed equipment maintenance, quality improvement and efficiency technical upgrades, and statutory inspections of special equipment. The unit has officially resumed production, and operating loads will be gradually increased subsequently, marking the conclusion of this major refining and chemical maintenance work.
According to the announcement, the refining and chemical integrated unit started routine shutdown maintenance in late June, with some supporting units shutting down simultaneously, and the originally planned net maintenance period was 45 days. Currently, all maintenance, technical upgrades, and statutory inspection items have been completed and accepted. The unit will resume production as planned and increase loads progressively, gradually releasing supplies of refining and chemical items such as PX, ethylene, and PTA to the market.
sector analysis believes that the resumption of production at Shenghong Refining and Chemical will further expand the domestic supply of aromatics and olefins. Coupled with the centralized restart of PX units at Zhongjin Petrochemical and Zhejiang Petrochemical in mid-August, domestic refining and chemical supplies will tend to have become ample. Subsequent market attention needs to focus on the actual pace of load increase at Shenghong Refining and Chemical, as well as the demand absorption capacity of downstream polyester and chemical fiber sectors.
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