After investing 1.0 billion yuan in Ningbo to establish China's first privately funded 600,000-ton-per-year PTA (purified terephthalic acid) project, Zhejiang Hengyi Group, a leading Chinese textile company, and Zhejiang Rongsheng Group have once again joined forces, this time expanding their operations northward to Dalian. The two companies are now investing in petrochemical projects, collaborating with Heilongjiang Longdi Co., Ltd. and Dalian Dahua Group Co., Ltd. to jointly develop a terephthalic acid facility within the Dalian Development Zone. On September 10, the four companies officially signed a joint venture agreement and an investment contract.
The total investment for the project is 3.6 billion yuan, with a construction period of 24 months. The first phase will aim to build an annual production capacity of 500,000 tons, eventually reaching 1.2 million tons per year. PTA is a key raw material used in the production of polyester chips and fibers, making it a crucial upstream component of the petrochemical industry. In the first seven months of this year, the average price of PTA rose significantly, and the market experienced a severe supply shortage.
Amid a broader decline in profitability across the chemical fiber industry, the petrochemical upstream sector has emerged as a new focal point for major private chemical fiber enterprises in Zhejiang. Zhejiang Hengyi and Zhejiang Rongsheng are both top players in the region’s chemical fiber industry. Hengyi Group currently holds total assets of nearly 5 billion yuan and employs over 4,000 people. Meanwhile, Zhejiang Rongsheng has evolved from traditional weaving into integrated petrochemical and chemical fiber development, employing more than 3,000 workers and holding total assets of 4 billion yuan.
The project has drawn attention from the National Development and Reform Commission and has been included in the government-supported revitalization initiative for the old industrial base in Northeast China. Notably, this project not only fills a gap in Dalian’s petrochemical industry but also marks a significant breakthrough in the northeastern petrochemical system, which has traditionally been dominated by state-owned enterprises. This move reflects a growing trend of private enterprises entering and reshaping the region’s industrial landscape.
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