January 18, 2025 – Shanghai Petrochemical Announces Ambitious Self-Financed Technological Transformation and Upgrade Plan
Shanghai Petrochemical has recently announced its plan to self-finance a project worth approximately RMB 21.307 billion to drive a comprehensive technological transformation and quality upgrade across the company. This initiative aims to achieve a more efficient and environmentally friendly production model while maintaining stable crude oil processing capacity.
As part of the upgrade, Shanghai Petrochemical will shut down 18 existing units, including a 700,000-tonne-per-year ethylene plant. Simultaneously, the company plans to construct a new 1.2-million-tonne-per-year ethylene plant and a series of downstream new material units to further enhance product value-added and market competitiveness. The main construction phase of the entire project is expected to take three years, while the construction of other related facilities could span up to five years, with specific timelines subject to adjustments based on actual progress.
According to AsiaMB, Shanghai Petrochemical, one of China’s integrated petrochemical enterprises specializing in refining and chemicals, has a business scope encompassing crude oil processing, refined oil products, chemicals, and petrochemical trading. The company’s main products include gasoline, diesel, naphtha, and other refined oil products, as well as ethylene oxide, ethylene glycol, polyvinyl alcohol, and other chemicals. It also produces synthetic resins such as high-density polyethylene and low-density polyethylene, along with synthetic fibers like acrylic fiber and polyester chips. This technological transformation and quality upgrade project will help Shanghai Petrochemical further improve product quality, optimize its product mix, and bolster its market competitiveness.