The project is one of the landmark projects to revitalize the old industrial base in Northeast China, with a total investment of 3.6 billion yuan. The feasibility study report of the project was approved by the National Development and Reform Commission in August 2004, and was included in the plan for adjusting and transforming industrial special national debt projects of the Northeast Old Industrial Base. In October this year, the government issued a plan to invest RMB 150 million in treasury bond subsidies. The project is planned to be completed and put into operation in 2008.
The project undertaken by Shenyang Chemical Industry Group adopts the world-leading new technology developed by the Sinopec Beijing Research Institute of Petroleum and Petrochemicals to produce olefins with heavy residue as raw material, and is the first domestic production device after R&D of this technology. It has been recognized by the country as a new ethylene source material demonstration project and has received attention from the petrochemical industry at home and abroad. After the project is put into production, it will increase sales revenue by 5 billion yuan and profits and taxes by 1.3 billion yuan. The successful construction will play an important role in the country's expansion of ethylene raw material sources, the development of ethylene series petrochemical products, and the completion of adjustment of Shenyang Petrochemical's industrial product structure. It is known as the revitalization of northeast China. One of the landmark engineering projects of the old industrial base.
It is reported that in April 2004, the Shenyang Municipal Government signed a reorganization of the Shenyang Chemical Group Agreement with China National Bluestar (Group) Corporation. Bluestar (Group) Corporation commits itself to ensure the production of 130,000 tons/year of acrylic acid and ester and 500,000 tons/year of catalytic pyrolysis and ethylene-making two major petrochemical projects through 5 years of investment, ensuring that other projects are under construction. The completion of the project and the reconstruction and expansion project. Over the past year, the construction of various chemical projects of the Shenhua Group has progressed rapidly. With a total investment of 1.3 billion yuan, the largest unit in China, and the annual output of 130,000 tons of acrylic acid and ester projects ranked second in the country, the sales income after completion of production next year will exceed 2 billion yuan. According to industry analysts, with the completion of the 500,000-ton/year catalytic pyrolysis ethylene project, the sales revenue of the Shenhua Group will exceed 10 billion yuan, which will become an important large-scale chemical raw material base in the northeastern region.
On November 29, the contract for the first 500,000 tons/year ethylene thermal catalytic cracking (CPP) ethylene project with a total investment of 3.6 billion yuan was signed in Shenyang. Mayor Chen Zhenggao of Shenyang City, Ren Jianxin, General Manager of China National Chemical Corporation, and Yang Xingqiang, General Manager of China National Bluestar (Group) Corporation attended the ceremony.