December 31, 2024 – Guoen Technology’s Chemical Revival: Asia’s Largest Polystyrene Line Resumes Production
Guoen Technology Co., Ltd., based in Qingdao, has successfully injected new life into its high-end chemical new materials and supporting projects under Guoen Chemical, formally initiating the resumption of production procedures for Asia’s largest polystyrene production line. The project, formerly known as Zhongxin Guo’an Chemical Co., Ltd., has undergone a legal restructuring of eleven entities with the strong support of municipal and county-level governments, emerging as Guoen Chemical (Dongming) Co., Ltd.
Following Guoen’s takeover, swift actions were implemented, infusing a total of RMB 240 million as employee security funds and an additional RMB 300 million as a specialized production startup capital, laying a solid foundation for the project’s smooth revival.
According to AsiaMB’s industry insights, Guoen Dongming has already commenced operations at its 200,000-ton styrene co-production facility, coupled with an 80,000-ton epoxy propane production unit and ancillary utilities. Subsequent phases will witness the gradual resumption of various units, including a 200,000-ton methanol-to-mixed aromatics plant, 50,000-ton methyl styrene, 50,000-ton isobutylene, and a 200,000-ton mixed aromatics hydrogenation facility. Projections indicate an annual output value ranging from RMB 4 to 5 billion, with profits and taxes exceeding RMB 300 million, and the creation of over 1,100 job opportunities.
Zhang Feng, Assistant General Manager of Guoen Chemical (Dongming) Co., Ltd. and General Manager of Ruihua Company, highlighted the company’s future plans to intensify investments in projects such as high-impact HIPS, PHB biodegradable plastics, and isononanoic acid. By 2026, Guoen Chemical (Dongming) aims to achieve an annual output value of RMB 10 billion, injecting fresh vitality into the chemical industry’s development.