Multinational Chemical Companies Accelerate Their Investment in China

In 2007, the Chinese petrochemical industry continued to attract significant foreign investment, with over 2,055 enterprises established and eight key industrial clusters taking shape. According to the 2007 China Petroleum and Chemical Industry Economic Situation Analysis Conference, held on December 19, the sector has become one of the most attractive for investors due to the strong demand in the domestic market. Multinational corporations have accelerated their investment pace, showing active engagement in recent years. Meng Quansheng, vice president of the China Petroleum and Chemical Industry Association, noted that foreign companies have invested heavily in the sector, establishing a wide range of petrochemical enterprises across China. Major global players such as ExxonMobil, Shell, BP, Total, BASF, DuPont, Bayer, and Dow Chemical are actively building projects in the country. These firms have formed industrial clusters focusing on oil marketing, natural gas development, petrochemicals, fine chemicals, specialty chemicals, synthetic materials, petrochemical logistics, and high-value-added products, continuously enhancing their industrial layouts. Foreign investments have also brought advanced technologies and new products into China, helping to elevate the quality of domestic petrochemical goods. For instance, Invista's investment in an adiponitrile project filled a domestic gap, supporting the production of nylon 66. Similarly, Dow Corning and Wacker’s investments in silicon-based materials have promoted the development of the silicone industry toward higher-end applications. Meanwhile, Dow Chemical’s collaboration with Shenhua Group in developing methanol-to-olefins technology has further strengthened China’s petrochemical capabilities. Refining and ethylene production remain key areas for foreign investment. Over the past two years, several major projects have been completed, including Yangzi BASF’s 600,000-ton ethylene plant, Shanghai Secco Petrochemical’s 900,000-ton ethylene project, and Sinopec Shell Petrochemical’s 800,000-ton ethylene facility. These projects contributed to China’s ethylene output reaching 10 million tons in 2007, playing a vital role in the industry’s growth. The refined oil market is another focal point for foreign petrochemical companies. As of September 2007, the Ministry of Commerce had approved nine joint ventures and wholly foreign-owned retail oil companies, with eight being joint ventures involving BP, Shell, ExxonMobil, Total, Sinopec, PetroChina, and Sinochem. A total of 2,517 foreign-funded gas stations were planned or constructed, with over 1,500 already operational. Moreover, many large chemical multinational corporations have set long-term development goals in China. For example, BASF aimed to capture 20% of its sales and profits in Asia by 2010, with half of its Asian sales coming from China. This reflects the growing confidence and strategic importance of the Chinese market for global petrochemical players.

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