Satellite Chemical: Announcement on Maintenance of Certain Equipment
Lianyungang Petrochemical Co., Ltd.
Satellite Chemical was established in 1992 and listed on the Shenzhen Stock Exchange in 2011. The company has always been guided by national strategic needs, adhering to the development strategy of "technology creates the future, based on light hydrocarbon integration, building a new low-carbon chemical materials technology company." It focuses on high-end polyolefins, electronic chemicals, comprehensive hydrogen energy utilization, and carbon dioxide capture and utilization. Its products are widely applied in industries such as lithium batteries, automobiles, solar photovoltaics, aerospace, electronic chips, and healthcare, continuously expanding the "ecosystem" of new chemical materials.
It is the largest domestic manufacturer of acrylic acid and esters, as well as pigment intermediates, mainly engaged in the production of industries related to the C2/C3 industrial chain. Currently, it has three major production bases in Jiaxing, Pinghu, and Lianyungang.
In 2017, Satellite Chemical began constructing an ethane cracking to ethylene project in Lianyungang. On June 24, 2024, Satellite Chemical officially launched the construction of the country's first high-end new materials industrial park for comprehensive utilization of α-olefins, located in the Xuwei New Area of Lianyungang. The project has a total investment of 26.6 billion yuan and adopts independently developed high-carbon α-olefin technology, extending downstream to high-end polyolefins, ethylene-based elastomers, lubricating oil base oils, ultra-high molecular weight polyethylene, and other high-end new materials. The project is expected to be completed and put into production in 2025.
Lianyungang Petrochemical Co., Ltd. is a subsidiary controlled by Satellite Chemical. In active response to the national "Belt and Road" initiative, it has settled in the Xuwei New District of Lianyungang City, one of the seven major national petrochemical industrial parks. Utilizing the world's most advanced production technology, it is constructing the largest domestic integrated plant project with an annual production capacity of 1.35 million tons of PE, 2.19 million tons of EOE, and 260,000 tons of ACN.
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