Wen Jiabao and Brown attend the signing ceremony of the acetic acid expansion project

On January 18, the signing ceremony of the Sinopec-BP Chongqing Yangzijiang Acetyl Chemical Co., Ltd.'s 650,000-ton/year acetic acid expansion project cooperation memorandum was held in the Great Hall of the People in Beijing.

Chinese Premier Wen Jiabao and British Prime Minister Gordon Brown attended the signing ceremony. Ma Kai, Director of the National Development and Reform Commission, Yang Jiechi, Minister of Foreign Affairs, Chen Deming, Minister of Commerce, Su Shulin, General Manager of China Petrochemical Corporation, and Gary Dirks, Vice President of BP, participated in the signing ceremony. Liu Genyuan, chairman of the asset company, and Reyad Fezzani, president of BP Chemical Investment Co., Ltd., signed the joint venture memorandum on behalf of the joint venture partner.

Yangzijiang Acetyl Chemical Co., Ltd. is a joint venture of Sinopec Sichuan Vinylon Plant, British BP Chemical Investment Co., Ltd. and Chongqing Energy Investment Co., Ltd., and was approved by the Ministry of Foreign Trade and Economic Cooperation (now the Ministry of Commerce) on December 22, 1995. Established. The company uses natural gas and methanol as its main raw materials to produce acetic acid and its derivatives. After three phases of construction, the company has invested a total of 2.8 billion yuan. The current production scale is 350,000 tons of acetic acid and 80,000 tons of acetate. Since the device was built and started to drive until the end of 2007, it has accumulatively produced 2 million tons of acetic acid and 374,000 tons of acetate, realized sales revenue of 9.4 billion yuan, and total profit of 2.8 billion yuan. It has recovered investment from shareholders and brought rich profits to all parties. The return on investment has become one of the models for the successful operation of foreign investment in western China.

Based on the current good development trend of the world and domestic acetic acid market, Sinopec and BP reached consensus on further expanding cooperation. The 650,000 tpa/year acetic acid expansion project signed by Yangtze River Acetyl Chemical Co., Ltd. is planned to be expanded on the basis of the company's existing 350,000 tpa/year acetic acid plant. The total investment is 3.5 billion yuan, and it is expected to increase sales revenue by about 4 billion yuan. The new profit and tax will be about 1 billion yuan, and it is planned to be completed and put into operation in 2011. By then, Yangzijiang Acetyl Chemical Co., Ltd. will become one of the world's largest acetic acid producers with an annual output of 1 million tons. The project plans to adopt the world's most advanced technology possessed by BP Chemicals. The main raw material natural gas is supplied by the Sinopec Puguang Gas Field. The Sichuan-Daiwan Plant provides methanol and other raw materials, which can promote the product structure adjustment and comprehensive utilization of the natural gas chemical industry of the Sichuan-Weifang Plant. Economic development in Chongqing has made greater contributions.