Dalian Ligong Safety Equipment Co.,Ltd
Zhejiang Satellite Petrochemical Co., Ltd. announced on March 13 that its wholly-owned subsidiary, Satellite Petrochemical (USA), plans to co-fund with SUNOCO PARTNERS MARKETING & TERMINALS LP (SPMT) to set up a new company in the US to operate ethane export facilities. management.
According to the announcement, the total investment of the joint venture company was 630 million U.S. dollars, of which, SPMT invested 334 million U.S. dollars, accounting for 53%; U.S. satellites invested 296 million U.S. dollars, accounting for 47%.
According to the announcement, with the promotion of the shale gas revolution in the United States, the United States has sufficient ethane, and in addition to meeting the United States' ethane cracking and ethylene manufacturing facilities, the rest is currently seeking exports. In this context, the joint venture company plans to build ethane export facilities and realize the export of surplus ethane in the United States.
U.S. satellite investment establishes a joint venture to open up the U.S. market; on the other hand, it can seize the opportunity to obtain ready-made U.S. resources, seek the rapid export of ethane to occupy the ethane supply market, and thirdly, satellite petrochemical construction in Lianyungang. The million-ton light hydrocarbon comprehensive utilization project can provide stability guarantee for the export of raw materials for the project.
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