Sinopec Shanghai Petrochemical to wrap up carbon fiber project in 2022 end
Aug. 26, 2021 9:02 AM ETSinopec Shanghai Petrochemical Company Limited (SHI)By: Khyathi Dalal, SA News Editor
China-based Sinopec Shanghai Petrochemical (NYSE:SHI) estimates the completion of construction of a 3.5B yuan ($540.11M) carbon fiber project in late-2022, Reuters reported citing company official.
The project is designed to produce 12K tonnes annually of 48K large-tow carbon fiber, which contains 48K continuous filaments in one bundle, giving it greater stiffness and tensile strength compared with current small-tow carbon fiber that contains 1K-12K filaments.
Currently, Sinopec has 1.5K tonnes per annum of carbon fiber production capacity and is one of the first refiners in China to research this new material and put it into mass production.
The company will mainly focus on resin, polyester and carbon fiber," Guan Zemin, general manager of Sinopec Shanghai, commented, adding the firm will investigate carbon fiber demand in the electricity and fuel cell sectors.
For its 1H21, Sinopec reported a 1.224 billion yuan net profit compared to net loss of 1.7 billion yuan last year; crude oil processing volume fell 12% to 6.21M tonnes as the refinery went through a three-month overhaul.
First phase of its hydrogen supply centre would be launched in September, when it would supply 20K tonnes of hydrogen each day, expanding to ~100K tonnes per day in the future.
Amid a peak in diesel consumption and expected surge in gasoline demand in China during 2025-2028, the refining industry is seeking to diversify; also China intends to reduce its dependency on imports, mostly from Japan and the U.S.
https://seekingalpha.com/news/3734455-s ... n-2022-end
