Satellite Chemical Co., Ltd.

Satellite Chemical's subsidiary Lianyungang Petrochemical agreed to acquire 100% of Jiangsu Jiahong New Materials from Satellite Holding and Kunyuan Investment for 1.524 billion yuan to avoid potential competition and expand C3 product chain.

Satellite Chemical is planning to construct an alpha-olefin industry park in Lianyungang, Jiangsu, China, with an investment of CNY 25.7 billion ($3.6 billion). The complex will include multiple units for alpha olefins, metallocene PE, PVC, poly alpha olefin, and UHMWPE.

Satellite Chemical is investing CNY25.7 billion (USD3.6 billion) to construct an industrial park for alpha olefins in Lianyungang, Jiangsu, China. Once completed, it will have an annual capacity of 2.5 million tons of light hydrocarbon raw materials and an annual output value of CNY48 billion.

Satellite Chemical and SK Geo Centric broke ground on a new ethylene acrylic acid plant in Lianyungang's Xu Wei new district. The first phase, costing CNY1.6 billion, will have an annual output of 40,000 tons and is expected to start operations in 2025.

Satellite Chemical and SK Zhixin (a wholly owned enterprise of SK Group) formed a joint venture, Sino-Korean Kerui New Materials (Jiangsu) Co., Ltd., to build Asia's first EAA (ethylene-acrylic polymer) unit in Lianyungang, China. The project has a total investment of about 1.64 billion yuan, a production scale of 40,000 tons/year, and is planned to start piling in June 2023 and put into production in 2025.

SK geo centric signed an MOU with Satellite Chemical to build a fourth ethylene acrylic acid (EAA) plant in Lianyungang, China, with an investment of 400 billion won ($308.4 million). The plant will have an annual capacity of 50,000 tons and is expected to commence commercial production in 2028.

Satellite Chemical Co., Ltd. plans to invest 319.83 million yuan (approx. $43 million) in a technical renovation project to produce 260,000 tons per year of green water-based polymer emulsion series products at its existing plant in Jiaxing, Zhejiang.

Satellite Chemical's subsidiary Pinghu Petrochemical signed an agreement to invest approximately CNY 1.1 billion to build a 200,000-ton-per-year refined acrylic acid project in Pinghu, Zhejiang Province.