12 Billion Yuan! Sinopec to Raise Funds for Clean Energy Project and EVA/POE Material Projects

PVTIME – On 15 August 2023, China Petroleum & Chemical Corp (Sinopec), a subsidiary of China Petrochemical Corporation and a vertically integrated energy and chemical company, announced its intention to raise a maximum of 12 billion yuan for clean energy projects and EVA/POE material projects.

As per the announcement, 1.6 billion yuan of the raised funds will be invested in Sinopec’s No.2 EVA project in Guangdong Province of China, involving a total investment of 2.158 billion yuan. To achieve an annual production of 100,000 metric tonnes of EVA materials for various purposes, including photovoltaic cells, functional films, hot melt adhesive materials, and wires and cables, the manufacturing plant and supporting utilities are included in the construction plan.

The project will take two years to complete, followed by an operational phase of 15 years. The production load during each year of operation will be 100%.

Revenue generated during the operational phase of the project will depend on the total annual volume and the unit prices. The project will produce an annual volume of 100,000 MT of EVA, which will be priced at 13,381 yuan/MT, and 0.36 million MT of ethylene-rich gas will be produced and priced at 5,387 yuan/MT. It is expected that the project will generate an average annual operating revenue of 1,357.5 million yuan during the operational period.

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