Multinational Chemical Companies Accelerate Their Investment in China

In 2007, the Chinese petrochemical industry witnessed significant growth, with 2,055 enterprises established and eight key industrial clusters taking shape. According to the China Petroleum and Chemical Industry Economic Situation Analysis Conference held on December 19, the strong demand in the domestic market has made the petrochemical sector one of the most attractive for investment. Multinational corporations have accelerated their investments in recent years, showing active engagement in the Chinese market. Meng Quansheng, vice president of the China Petroleum and Chemical Industry Association, noted that foreign companies have invested in over 2,055 petrochemical enterprises in China. Major global players such as Exxon Mobil, Shell, BP, Total, BASF, DuPont, Bayer, and Dow Chemical are actively setting up projects across the country. These foreign firms have created industrial clusters focused on oil marketing, natural gas development, petrochemicals, fine chemicals, specialty chemicals, synthetic materials processing, petrochemical logistics, and high-value products, continuously refining their industrial strategies in China. The influx of multinational corporations has brought advanced technologies and innovative products, enhancing the quality of domestic petrochemical offerings. For instance, Invista's investment in an adiponitrile project helped fill a gap in the domestic market, supporting nylon 66 production. Similarly, Dow Corning and Wacker’s investments in organic silicon applications have driven the industry toward higher-end development. Dow Chemical also partnered with Shenhua Group to develop methanol-to-olefins and ethylene derivatives, showcasing collaborative innovation. Refining and ethylene production remain key areas of focus for foreign investors. Notable projects include Yangzi BASF’s 600,000-ton ethylene plant, Shanghai Secco Petrochemical’s 900,000-ton ethylene project by BP, Sinopec, and Shanghai Petrochemical, and Sinopec Shell’s 800,000-ton ethylene project by Shell, which became operational this year. By 2007, China’s ethylene output reached 10 million tons, playing a crucial role in the national energy strategy. The refined oil market is another major area of interest for foreign petrochemical companies. As of September 2007, nine joint ventures and wholly foreign-owned retail oil companies had been approved by the Ministry of Commerce. Eight of these were joint ventures involving BP, Shell, ExxonMobil, Total, Sinopec, PetroChina, and Sinochem Group. A total of 2,517 foreign-funded gas stations (including combined oil and gas stations) were planned, with over 1,500 already in operation. Moreover, large chemical multinationals have set long-term development goals in China. For example, BASF aimed to achieve 20% of its sales and profits from Asia by 2010, with 50% of Asian sales coming from China. This reflects the growing confidence and strategic commitment of global players in the Chinese petrochemical market.

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