What Shenghong Petrochemical does

Shenghong Petrochemical (盛虹石化产业集团) is a vertically integrated Chinese refining and petrochemicals platform headquartered in Lianyungang, Jiangsu Province, and the principal industrial arm of the Shenghong Holding Group (founded 1992; petrochemical operations launched 2010). The company operates a 16 million tons/year single-stream refinery — the largest in China — combined with world-leading downstream assets including a 1.04 million tons/year acrylonitrile complex (world's largest), a 300,000 tons/year solar-grade EVA plant (~30% global market share), 3.9 million tons/year PTA capacity, and approximately 5 million m³ of storage with 39.5 million tons/year port throughput. It also produces specialty chemicals such as UHMWPE, MMA, and butyl alcohol, and is developing new energy and biodegradable materials including POE and PBAT.

The business model is asset-heavy and B2B: Shenghong generates revenue primarily through long-term offtake and supply agreements with anchor customers such as Sinopec, carbon-fiber producers (e.g., Zhongfu Shenying), photovoltaic module manufacturers, and other industrial buyers across the solar, wind, EV, textile, and aerospace value chains. Pricing is anchored to petrochemical product benchmarks (refining margins, polymer prices) supplemented by specialty premiums for differentiated grades such as solar-grade EVA. Cumulative investment of over RMB 200 billion supports an integrated "oil-coal-gas" feedstock platform that captures margin across the chain from crude and coal feedstock through intermediates to high-value specialty polymers.

Operationally, Shenghong has embedded AI and digitalization deeply across its value chain via the Hongyun Industrial Internet Platform (30,000+ connected devices), a digital-twin smart factory with over 95% automation, the fully unmanned AI+ Dark Lab (87 instruments, 56 robots), and the Honeywell-co-developed Operation Navigation Intelligent Decision System. The group employs more than 30,000 people, ranks #222 on the Fortune Global 500 (2023), and reported parent-group revenue of CNY 412 billion in 2023, with international footprints in Singapore, Hong Kong, and elsewhere supporting feedstock diversification and export reach.

Name

Shenghong Petrochemical

Legal name

江苏盛虹石化产业集团有限公司

Website

https://shenghongpec.com

Company type

Private

Founded year

1992

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Shenghong Petrochemical is a vertically integrated Chinese refining and petrochemicals platform operating China's largest single-stream refinery and world-leading acrylonitrile and solar-grade EVA capacity, supplying Sinopec, photovoltaic, carbon-fiber, and specialty-chemicals customers from its Lianyungang base.

Ownership category

akta.pro rank

Product category

Petrochemical Refining and New Energy Materials

NAICS

Petrochemical Manufacturing (32511), Petroleum Refineries (32411)

SIC

Industrial Organic Chemicals (2860), Petroleum Refining (2911)

akta.pro primary industry

Base Olefins (Ethylene, Propylene, Butadiene) (IMAEADAA)

akta.pro secondary industries

Base Aromatics (BTX: Benzene, Toluene, Xylenes) (IMAEADAB), Polyesters & PET Chain (PTA, MEG, PET) (IMAEADAG)

Keywords

• Petrochemical refining
• New energy materials
• Photovoltaic EVA film
• Polyolefin elastomers
• Specialty chemicals

Headquarters

HQ city

Lianyungang

HQ country

China

HQ region

Asia

Offices4 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Infrastructure, Technology or R&D, Personnel

Revenue model

1. Petrochemical Refining Products: Primary revenue from crude oil refining producing diesel, gasoline, and aromatic hydrocarbons through 16 million ton/year refinery. Revenue generated from domestic sales and exports.
2. New Energy Materials (EVA, POE, Acrylonitrile): High-value-added new energy materials including photovoltaic-grade EVA, polyolefin elastomers (POE), and acrylonitrile. These premium products serve solar, wind, carbon fiber, and EV battery industries with higher margins than commodity petrochemicals.
3. Specialty Chemicals: Production and sale of specialty chemical products including ultra-high molecular weight polyethylene (UHMWPE), methyl methacrylate (MMA), butyl alcohol, and acrylic acid esters.

Go-to-market motion2 records

Distribution channels1 record

Marketing channels3 records

Core offering

Shenghong Petrochemical operates an integrated petrochemical and new energy materials industrial cluster. Its core offerings include crude oil refining (16 million tons/year), olefin derivatives (ethylene, propylene, acrylonitrile, MMA), PTA (390万吨/year), solar-grade EVA and POE encapsulation film materials for photovoltaic modules, UHMWPE, and specialty chemicals. The company serves industrial manufacturers in photovoltaic, carbon fiber, wind power, new energy vehicle, and textile industries through direct B2B sales and long-term strategic supply agreements.

Product overview

Shenghong Petrochemical (盛虹石化产业集团) operates a portfolio of integrated petrochemical production assets and digital/AI platforms organized under the '1+N' strategy — a core raw material platform (1) anchored by the 1600万吨/年 Shenghong Refining & Chemical integrated refinery plus Olefin/Methanol production via Silibang (醇基多联产) and PDH routes, with multiple downstream new energy and new materials clusters (N) including acrylonitrile (104万吨/年, world's largest), PTA (虹港石化, 390万吨/年), EVA/POE photovoltaic film materials (world's largest EVA capacity), UHMWPE, and biodegradable materials (PBAT/PBS). The group also operates supporting logistics infrastructure (盛虹港储, 500万m³ storage, 3950万吨/年 throughput) and digital technology platforms including the '虹云' industrial internet platform and the AI+-powered dark lab for fully automated quality inspection. The full industrial chain spans from crude oil refining and coal-based methanol-to-olefin to specialty polymer materials, enabling 'one-stop' integration from upstream refining to mid-stream olefin chemicals to downstream high-performance new materials.

Differentiator

Problem solved

Functional benefit

Brands

• 盛虹炼化: 1600万吨/年炼化一体化项目
• 斯尔邦石化
• 虹港石化
• 虹云
• 黑灯实验室

Products and services

• Shenghong Refining & Chemical (盛虹炼化) 1600万吨/year single-train refining and chemical integrated facility — the largest domestic single-process refining project. Produces refined oil products (diesel, gasoline), PX (280万吨/year), ethylene (110万吨/year), and downstream petrochemical derivatives. Serves as the core raw material platform for the '1+N' strategic layout.
• Silibang Petrochemical (斯尔邦石化) - Olefin Derivatives Olefin derivatives business focusing on methanol-to-olefin (MTO) and propane dehydrogenation (PDH) routes. Produces acrylonitrile (104万吨/year total, world's largest), MMA, EVA, PO, UHMWPE, and POE. National high-tech enterprise and flagship project for the group's new energy and new materials chain.
• Honggang Petrochemical (虹港石化) - PTA Production PTA (purified terephthalic acid) production base with 390万吨/year PTA capacity. Products widely used in new textile materials, functional fibers, and polyester new materials. Acts as the critical link in the full industrial chain from downstream polyester fiber to upstream petroleum refining.
• Shenghong Port Storage (盛虹港储) - Logistics Services Integrated logistics company combining storage and terminal services. Operates two tank farm areas with total tank capacity exceeding 500万m³ and terminal throughput capacity of 3950万吨/year. Handles loading/unloading, storage, pipeline transfer, and bulk services for liquid chemicals, cryogenic liquefied hydrocarbons, crude oil, and refined oil products.
• EVA & POE Photovoltaic Film Materials (光伏膜材料) High-end polymer materials for photovoltaic encapsulation. EVA capacity 30万吨/year (world's largest for photovoltaic grade), with strategic target of 100万吨/year. POE pilot plant 800吨/year successfully operating, making Shenghong China's only company with both self-developed EVA and POE technologies. Applications in solar modules, new energy vehicles, and aerospace.
• Acrylonitrile (丙烯腈) Acrylonitrile production with total capacity of 104万吨/year, the world's largest. Used as a precursor for carbon fiber production, ABS plastics, acrylic fiber, and other downstream chemicals serving wind power, aerospace, and composite materials industries.
• Ultra-High Molecular Weight Polyethylene (UHMWPE / 超高分子量聚乙烯) 2万吨/year UHMWPE production facility producing ultra-high molecular weight polyethylene used in lithium battery separators, aerospace, and other high-end applications. Achieves domestic production of a previously imported specialty material.
• Green Methanol from CO2 (绿色甲醇) 10万吨/year CO2-to-green methanol project that actively absorbs 15万吨 of CO2 annually with a near 100% conversion rate, creating a negative carbon industrial chain. The world's first integrated 'CO2 capture utilization — green methanol — new energy materials' industrial chain.

Quantifiable outcome

• Solar-grade EVA market share reaches #1 globally (~30%)
• +2 more outcomes

Named customers2 records

Segments1 record

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

AI capability9 records

Feature5 records

Partnerships

Eight partnerships are on record, tiered core, flagship and major.

• Beijing Dana Experimental Technology (北京戴纳实验科技)coreTechnology or Integration · 12 May 2026Strategic cooperation on AI black lights laboratory construction, artificial intelligence technology applications, and intelligent management platform development. Building fully unmanned analysis laboratory for petrochemical testing.
• China Petroleum & Chemical Corporation (中国石化集团)flagshipStrategic or Co-development Partner · 2 April 2024Deepened supply chain strategic cooperation for raw material procurement and product distribution. Leveraging Sinopec's market position and Shenghong's production capacity.
• Honeywell (霍尼韦尔)flagshipTechnology or Integration · 28 June 2023Jointly published intelligent factory white paper, cooperation on digital and automation technologies. Implemented smart factory solutions in PDH facilities achieving 95%+ automation rate.
• Zhongfu Shenying Carbon Fiber (中复神鹰碳纤维)coreStrategic or Co-development Partner · 24 May 2023Raw material strategic cooperation agreement for full-range supply of acrylonitrile products. Supports carbon fiber production for wind power and aerospace industries.
• Saudi Arabian Mining Company (沙特矿业公司)coreStrategic or Co-development Partner · 22 May 2023Blue ammonia procurement and facility sharing cooperation. First 25,000 tons blue ammonia shipment delivered. Low-carbon cooperation for sustainable development.
• Shenyang Blower Group (沈阳鼓风机集团)coreTechnology or Integration · 27 September 2022Strategic cooperation on equipment supply and full lifecycle service. Providing core equipment for petrochemical production facilities.
• Sinopec Tenth Construction Company (中石化第十建设有限公司)majorImplementation/ SI/ Consulting Partner · 9 February 2022Engineering construction and project implementation cooperation for refinery and petrochemical projects.
• State Grid Lianyungang Power Supply Company (国网连云港供电公司)majorStrategic or Co-development Partner · 13 June 2017Strategic cooperation on power grid construction and electricity supply for industrial operations.

Scale indicators8 records

Recent moves16 records

Expansion highlights5 records

Broad incumbents

• BASF: World's largest chemical company with integrated Verbund sites producing olefins, aromatics, and specialty chemicals. Broad incumbent comparable to Shenghong's integrated model but with global geographic diversification.
• SABIC: Saudi Arabia-headquartered global petrochemicals leader with major ethylene, polyolefins, and aromatics capacity. Broad incumbent with competitive feedstock position and a partner profile that parallels the Saudi Arabian Mining cooperation on Shenghong's side.
• PetroChina: China's largest oil and gas producer and major refiner with petrochemical subsidiaries. Broader incumbent with overlapping refining and aromatics/olefins products but predominantly upstream-anchored.
• Sinopec Group: China's largest state-owned integrated energy and chemical company, operating massive refining and petrochemical capacity across dozens of sites. Broader incumbent with overlapping product portfolio but diversified beyond petrochemicals into upstream and retail.
• Dow Inc. Global integrated materials science company with major ethylene, polyolefins, and high-end specialty polymers including POE technology. Broad incumbent and a recognized POE technology incumbent that Shenghong's domestic catalyst development directly competes with.

Direct peers

• Rongsheng Petrochemical: Operator of Zhejiang Petrochemical (with CNOOC), one of the largest refining-petrochemical complexes globally, with major PTA and polyolefin capacity. Direct peer in integrated refining + aromatics + polyolefins and listed parent (002493).
• LyondellBasell: Global leader in olefins and polyolefins (PE, PP), with significant EVA and advanced polymer production. Direct global peer in olefin-and-polymer focus and one of the incumbents Shenghong's self-developed POE/EVA competes against.
• Hengli Petrochemical: Largest private Chinese refining-petrochemical-polymer integrated player with comparable scale (40M ton refining, large PTA and polyester capacity). Closest direct peer in integrated value chain, private governance structure, and new-materials expansion strategy.
• Wanhua Chemical: China's leading specialty chemical platform dominant in MDI/TDI polyurethanes, expanding aggressively into olefins, ethylene, and new energy materials. Direct peer in petrochemical-propulsion-of-strategic-industries thesis and competing in POE/EVA development.
• Zhejiang Satellite Chemical: Leading Chinese C3 (propylene) chain player producing acrylic acid, acrylates, and EVA. Listed (002648). Direct peer in acrylate and EVA capacity expansion into new energy materials and a comparable private-tech-driven growth story.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks5 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries6 records

Funding overview

Funding rounds1 record

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Shenghong Petrochemical