Liaotong Chemical Co., Ltd. plans to establish a j

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Liaotong chemical plans to set up a joint venture with Angola Petroleum Company

Liaotong chemical plans to set up a joint venture with Angola national petroleum company to promote the sustainable development of the chemical industry. Apart from the three major oil companies, few other domestic companies cooperate with overseas oil companies. If the cooperation is successful, it will help Liaotong chemical realize the dream of the fourth largest petrochemical company in China as soon as possible

the announcement shows that Liaotong chemical will contribute with some existing Petrochemical assets and become the largest shareholder of the joint venture; Angolan oil company is the second largest shareholder of the joint venture with cash contribution. Liaotong chemical said that by cooperating with Angola Petroleum Company and using its invested funds and rich oil resources, the fatigue life test steps of automobile front axle bench can further expand the scale of the company's petrochemical industry. However, at present, the cooperation between the two sides is only in the early contact stage. The scope, mode, registered capital and total investment of the joint venture will be determined after further negotiation between the two sides. The two sides plan to set up a working group to promote the follow-up progress of the joint venture project

Angolan oil company is a wholly-owned state-owned company controlled by the Angolan state, and is the only oil exploration and development concessionaire in Angola. Its main business is the investment, exploitation, production and sales of oil and natural gas

with the help of the country's rich oil reserves, Angolan oil company has strong strength, and most of its oil fields are still in the exploration and development period, attracting many oil companies to participate. There is a precedent for the cooperation between Angolan oil company and Chinese companies: in the first half of this year, Sinopec purchased 55% equity of SSI company with us $2.457 billion, and SSI company owns 50% equity of Angola block 18

Liaotong chemical has a strong background advantage in developing petrochemical industry. Before the cooperation between Liaotong chemical and Angola petroleum Formosa Plastics Company, the oil import channel has been opened. Zhenhua oil holding company, the actual controller of Liaotong chemical industry group, was approved to have the right to import crude oil in the middle of this year. Zhenhua oil can directly import oil and control it by itself. Zhenhua oil has also become the third domestic enterprise that can supply crude oil for its own refining and chemical enterprises after the two major oil groups. This advantage is unmatched by other enterprises. The crude oil imported by Zhenhua oil is mainly supplied to Huajin Group, which is controlled by ordnance industry group. Huajin deformation temperature is an important temperature condition to be considered in hot forming processing. Huajin Group is the major shareholder of Liaotong chemical. In 2009, Zhenhua oil had a quota of about 1.2 million tons of imported crude oil for non-state trade. According to the public data of Zhenhua oil, 2) it is estimated that the imported crude oil in 2010 is about 4million-5million tons, involving an amount of about 25billion yuan

Liaotong chemical acquired the 450000 ton/year ethylene and raw material supporting project of Huajin Group in 2008, and started the 5million ton Petrochemical expansion project of the supporting project, with a total investment of about 15 billion yuan. At that time, the company said that the project was expected to break the monopoly of Sinopec, PetroChina and CNOOC on oil refining and downstream ethylene production, making Liaotong chemical the fourth largest petrochemical giant in China

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