China drying wire Reuters over the past decade, China has become a major growth engine of the global economy and the chemical industry. However, this year's slowdown in China's economic growth is gradually weakening the demand for domestic chemicals, which in turn affects the global chemical industry and weakens the performance of global chemical companies. Nevertheless, the transnational chemical giants still believe that they have medium and long-term development opportunities in the Chinese market and they will continue to expand their business and investment in China.
In the first half of this year, China’s economic growth began to slow down due to the deterioration of the economic environment in Europe and other export markets. Relevant statistics show that in the first half of the year, China's economic growth slowed to 7.8%, compared with 9.6% in the same period of last year. The cooling of the Chinese economy may have affected the performance of multinational chemical companies, but the determination of these companies to continue investing in China has not been shaken. In the recent period, some multinational chemical companies have stated that the company is advancing the previously announced investment plan in China, or is planning new investment projects, including petrochemical projects.
BASF, the world's largest chemical company, said that the cooling down of China's economy did not affect the company's plans or investments in China. Hou Yuzhe, head of business and market development for the company’s Asia Pacific region, said: “We are continuing to develop new projects in Asia to support our strategic goals. According to the plan, BASF will invest approximately EUR 3 billion in Asia in 2012~2016. Most of them will be invested in the Greater China region because China is still a huge market and can provide us with opportunities for long-term growth.†BASF is advancing some of China’s investment and projects. In July this year, BASF and Sinopec signed an agreement to study the possibility of building a world-class isodecyl alcohol plant in Maoming, Guangdong, China.
BASF and Sinopec joint venture in Nanjing Yangzi Petrochemical - BASF Co., Ltd. (YPC) started construction of a set of 60,000 tons/year superabsorbent resin (SAP) plant in May this year, which is expected to be completed and put into production in 2014. The company also plans to build a new 160,000-ton/year acrylic unit and a butyl acrylate unit in Nanjing. In addition, the company also intends to build a world-class hydrogen peroxide-produced propylene oxide unit in Nanjing.
The BASF family, which is firmly optimistic about the Chinese market, is not the only one. Shi Bojun, president of Dow Greater China, said that China will continue to be an important growth engine for Dow Chemical and other companies. He pointed out that China is currently in transition and its growth rate will slow during the 12th Five-Year Plan period. Taking into account the weakness of the European economy, China's export growth will not be stronger in 2012~2013. However, for Dow Chemical, China is still an important growth driver. Dow Chemical will not change its strategy in Greater China. In the next few years, Dow will continue to invest in further expanding its business in Greater China. If China's economy can get out of the doldrums, China will eventually become Dow's largest global market. This situation is likely to occur in 2020-2030.
He also stated that Dow Chemical's previously announced coal chemical joint venture project with Shenhua Group is still awaiting approval from the Chinese government. The project plans to convert coal into methanol and then ethylene and propylene, but he did not disclose the details of the $10 billion project. The planned consortium will produce chloralkali and a series of derivative products. In addition to the coal chemical joint venture project, in March 2011, Dow Chemical and Binzhou, China, signed a preliminary agreement, and the two parties will establish a joint venture in Binzhou (50% each) to produce perchloroethylene. The initial design capacity of the joint venture PCE plant is 40,000 tons/year and will soon be expanded to 80,000 tons/year. The device is expected to be put into production in 2014.
Saudi Basic Industries Corporation (SABIC) also stated that China is one of its largest and fastest growing markets, and its annual growth rate is in double digits. Despite the current economic downturn in China, the company is still optimistic about the Chinese market and will continue to promote major investment projects in China. SABIC’s head of operations in North Asia recently said: “We are still optimistic about China’s long-term growth potential and opportunities. We will continue to promote investment in China in order to realize our growth strategy.â€
Sinopec (Tianjin) Petrochemical Co., Ltd., a joint venture between SABIC and Sinopec, began construction of a 2.6-million-ton/year polycarbonate plant with a total investment of US$1.7 billion in April this year. It is expected to be completed and put into operation in 2015. At the same time, the company also set up a thermoplastic engineering plastic composite device at Chongqing Xiyong Microelectronics Industrial Park, which is expected to achieve full-load production in 2013. In addition, SABIC is investing US$100 million to build a new technology and innovation center in Shanghai, China, which is expected to be put into use in 2013.
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