Facilitating the Development
Of China's High-end Chemical Industry Chain
(13 October 2022, Hong Kong) — CIMC Enric Holdings Limited ("CIMC Enric" or the "Company") and its subsidiaries (collectively, the "Group") (Hong Kong stock code: 3899.HK) are pleased to announce that CIMC Enric Engineering Technology Co., Ltd. (“CIMC ENTECH”), a subsidiary of the Company, successfully won a tender for Lianyungang Rongtai Chemical Storage Company Limited’s Tank Area (Phase V) EPC Project (the "Project"), a contract worth nearly RMB 900 million. The project will primarily focus on storing cryogenic ethane, the raw material used in ethylene production. When construction is finished, it will significantly optimize the ethylene manufacturing process for customers, improving the yield of ethylene products, and making the reception, storage and transportation of ethane safer and more efficient.
The project includes constructing two new 120,000 m3 cryogenic ethane full containment concrete storage tanks, complementary loading and unloading vessels and trucks, and other production systems. As well as equipped engineering construction scope of all the professional engineering design, procurement, implementation, trial run, start-up materials until the completion of acceptance (EPC) the whole process.
CIMC ENTECH is a newly-established engineering business consortium and development platform based on the former Nanjing Yangzi Petrochemical Design and Engineering Company Limited, which holds Class A Engineering Design Qualification, Class A Engineering Consulting Unit Qualification, and other engineering qualifications. With over 30 years’ engineering experience, CIMC ENTECH has been contracted for more than 40 cryogenic storage tanks and EPC projects, covering all kinds of cryogenic tanks. Over 20 of these engineering design and technology development projects have won national and provincial awards.
The project is located in the Lianyungang Petrochemical Industrial Base, Xuwei New District, one of China’s seven major petrochemical industrial bases with a planned annual capacity of 40 million tons of refined oil, 4 million tons of aromatics and 3 million tons of ethylene. According to the Development & Reform Commission of Jiangsu Province’s website, Lianyungang Xuwei New District key industrial projects secured investment of over RMB 49 billion in 2021, approximately 36% of the city's total industrial investment. In 2022, that figure is expected to exceed RMB 100 billion. At present, CIMC Enric has undertaken more than 10 projects in Lianyungang Petrochemical Industrial Base.
Mr. Ju Xiaofeng, Deputy General Manager and Head of Energy Equipment & Engineering Business Centre at CIMC Enric said, “Winning this tender once again demonstrates the Company's industry-leading capability in the field of cryogenic engineering. It also lays a solid foundation for CIMC ENTECH's further expansion into the Lianyungang Petrochemical Industrial Base’s vast market. Currently, the high energy cost of overseas chemicals and the shifting capacity of European chemical production will further boost the development of China's high-end chemical industry chain projects. CIMC ENTECH will continue providing customers with total energy-saving and efficiency-enhancing solutions to develop a greener and more high-end chemical sector.”