In the critical period of the restructuring of the coal chemical business, China's Datang Group (hereinafter referred to as Datang)'s iconic coal chemical project has suffered a setback. The Duolun Coal Chemical Project, located in the southeastern part of Xilin Gol League in Inner Mongolia, was once again pushed to the cusp of public opinion due to a deflagration accident.
On August 15th, the official WeChat "Duolun Propaganda" of the Propaganda Department of the Duolun County Committee of Xilin Gol League announced that on the morning of August 14, Datang Duolun Coal Chemical Methanol Tank exploded. After on-the-spot investigation, it was initially determined that the accident was during the period of production stoppage and maintenance of the enterprise. When the construction unit of the external committee was working in the methanol tank area, the construction was not carried out according to the operating rules, resulting in a detonation of a methanol tank, causing one death, one missing and one injured.
On the evening of August 17, Datang International Power Generation Co., Ltd. (hereinafter referred to as Datang Power Generation, 601991.SH), a listed company of Datang, announced that the cause of the accident is under further investigation and is expected to cause the raw materials and equipment of Duolun Coal Chemical Company. The total loss is about 7.5 million yuan.
This coal-based olefin project with an annual output of 460,000 tons has been repeatedly plagued by negative information such as delays, losses, and environmental accidents since its establishment. In April this year, an explosion of the evaporation pond dam occurred, and the Environmental Protection Bureau imposed a fine of 287,200 yuan. It is still in the period of suspension of production and maintenance.
The dilemma of the Duolun coal chemical project is also the epitome of the overall business sector of Datang Coal Chemical. “As long as one mentions Datang Coal Chemicals, it is said to be a case of failure in the industry.†The Coal Science Research Institute (hereinafter referred to as the Coal Research Institute) said that senior officials who did not want to be named told the interface journalists.
Datang Energy Chemical Co., Ltd. (hereinafter referred to as Datang Nenghua), a middle-level person, was impressed by the interface journalists. "People are unlucky, and they drink cold water, and the company is also like this. All parties are staring, a little leaking. Being exposed."
In 2005, Datang, one of the five largest power generation companies in China, officially entered the coal chemical industry. The Duolun coal chemical project was registered by the Inner Mongolia Autonomous Region government. In a few short years, it has successively completed the Markqi coal-to-gas project, the Liaoning Fuxin coal-to-gas project, the Hulunbeier coal-based fertilizer project, and the coal chemical supporting coal project.
The above-mentioned several major coal chemical projects are all affiliated to Datang Nenghua. As the earliest enterprise to test coal-water chemical projects in China, Datang Power was once highly hopeful for the coal chemical business, and initially injected the sector into the platform of the listed company – Datang Nenghua is wholly-owned by the listed company Datang Power.
According to Datang Power's 2015 annual report, as of the end of 2015, in the coal chemical sector, non-raised funds invested a total of about 64.2 billion yuan.
But such a large investment did not bring a corresponding return. The coal chemical business has become a loss burden for Datang Power. In 2014, Datang Coal Chemicals lost a total of 5.2 billion yuan, with a loss of 4.3 billion yuan in 2015 and a cumulative loss of more than 11.6 billion yuan in the past three years.
From the data of Datang Nenghua's assets, it can be seen that several subordinate coal chemical projects under its operation are not operating smoothly. According to the announcement announced by Datang Power, as of the end of March 2016, Datang Nenghua's total assets were 41.175 billion yuan, total liabilities were 33.44 billion yuan, and the asset-liability ratio was 81.2%. The book value of Datang Nenghua’s net assets was 7.735 billion yuan, and the estimated value was -6.945 billion yuan, with an impairment rate of 189.78%.
Datang Power said that the main reason for Datang's impairment was the large-value appraisal of its subsidiaries, such as Keqi Coal Gas Company, Fuxin Coal Gas Company, Duolun Coal Chemical Company and Hulunbeier Fertilizer Company.
Continued investment for nearly ten years, the worse and worse performance made the coal chemical sector become a big burden of Datang, but also dragged down the performance of Datang Power, which made Datang Hair Electroplaty want to get rid of this burden. On June 30, Datang Power and Zhongxin Nenghua Technology Co., Ltd. (hereinafter referred to as Zhongxin Nenghua), a subsidiary of Datang Group, signed an agreement on the transfer of coal chemical and related projects.
According to the agreement, the consideration was transferred at the target of 1 yuan. Zhongxin Nenghua took over 100% of the shares of Datang Energy Chemical Co., Ltd. and 100% of Inner Mongolia Datang International Xilinhot Lignite Comprehensive Development Co., Ltd. from Datang Power. Inner Mongolia Datang International Xilinhot Power Generation Co., Ltd. 100% stake, Inner Mongolia Datang International Xilinhot Mining Co., Ltd. 60% stake, and Inner Mongolia Keshiketeng power supply project assets.
According to the announcement issued by Datang Power on August 12, in order to reach the above agreement, Datang Power agreed to waive the repayment of part of the entrusted loan for the above-mentioned transfer company, and the maximum amount of the principal of the entrusted loan is about 10 billion yuan.
In order to complete the restructuring work, Datang Group specially set up Zhongxin Nenghua to take over. Zhongxin Nenghua was established on April 21 this year with a registered capital of 1 billion yuan. Datang Group holds 100% of its shares. Its business orientation is engineering survey design and enterprise management.
The transfer of the coal chemical business from the listed company to the parent company is actually a helpless move of Datang. As early as 2014, Datang began to prepare for the coal chemical business. After two years of hard work, it failed to succeed.
The above-mentioned senior officials of the Coal Science Institute told the interface journalist that Datang had contacted a number of potential buyers, including China Shenhua Group (hereinafter referred to as Shenhua), China Petrochemical Corporation and other central enterprises, as well as private enterprises such as China Qinghua Energy Group. The most optimistic buyer is Shenhua.
“Shenhua, as the largest coal enterprise in China, has successfully operated several coal chemical projects, and has rich experience in coal chemical industry, and also has the financial strength to take over.†The senior official said, “But Shenhua is evaluating the assets of Datang Coal Chemicals. Not willing to take over."
Chen Lei, director of the Research Center of China Coal Listed Companies of China Coal Economic Research Institute of China University of Finance and Economics, said that Shenhua has relied on its high-quality coal resources to lay out the coal chemical sector. Datang’s coal chemical business has suffered serious losses and relies on coal resources. Not good, not attractive enough.
On July 7, 2014, under the leadership of the State-owned Assets Supervision and Administration Commission, Datang Power and China Guoxin Holdings Co., Ltd. (hereinafter referred to as Guoxin Company) signed the “Framework Agreement for Coal Chemicals and Related Projects Restructuringâ€, The sector and related projects were reorganized to include all coal chemical assets of Datang Nenghua. The specific way is through the cooperative restructuring or equity acquisition, Guoxin Company obtained the Datang Power Coal Chemicals segment and related project assets or equity.
Guoxin Company is a state-owned sole proprietorship company and a state-authorized investment institution approved by the State Council. It is a pilot enterprise of state-owned capital operation companies.
The main task of Guoxin Company is to cooperate with the State-owned Assets Supervision and Administration Commission to promote the reorganization of central enterprises, receive and integrate the assets of existing enterprises and other non-main business assets after the overall listing of the central enterprises, and participate in the listing of central enterprises and the reform of unlisted shareholding system.
In other words, the new company for the Datang Coal Chemicals sector can only be a transitional takeover, or need to find the final buyer. After more than a year and a half of the asset evaluation and negotiation, the final buyer was not found, and Datang and Guoxin Company could not talk about it and eventually parted ways.
On March 29, Datang Power and Guoxin Company signed the “Restructuring Agreement for the Restructuring Framework Agreementâ€, confirming the termination of the “Restructuring Framework Agreementâ€. At the same time, Datang Power has negotiated with the controlling shareholder Datang Group that Datang Group will continue to promote the restructuring of the coal chemical sector and related projects. This "burden" can only be transferred from the listed company to the group.
"From the listed company to the group, it can only be said that it is a way of capital operation, which can make the performance of listed companies look better, but the losses faced by Datang Coal Chemical Project and many other problems cannot be solved." Xing Lei Interface news reporter said.
Many industry insiders told the interface journalists that Datang has already launched a number of projects when the domestic coal chemical industry is still starting. In the case of insufficient technical reserves, there are problems in site selection and process.
Datang's Duolun coal-to-olefins, Keqi coal-to-gas and other projects rely on lignite from the Xilinhot Shengdongdong coalfield with a coal reserve of 7 billion tons. Lignite, also known as diesel coal, is the lowest coalized coal, chemically reactive, easily weathered in the air, difficult to store and transport, and is highly polluted by air. Therefore, the cost of use is relatively low.
In the original Datang, the use of low-quality inferior coal, converted into domestic scarce natural gas, olefins and other products, is not only profitable, but also a project to benefit the country and the people. Therefore, he resolutely entered the Xilin Gol League area of ​​Inner Mongolia to build a “Xin (Xilin Gol) Multi (Duolun) Ke (Kishkeng) Energy and Chemical Base.
“Now it seems that the economics of lignite development of coal chemical industry was overstated at the time. The coal quality is too poor, the mining cost is not low, but the calorific value is very low, and the gasification benefits are not good. Now count the coal Chemical projects, obviously the economic benefits of good coal quality will have an advantage." The above-mentioned high-level coal science institute told the interface reporter.
However, the location of the Datang Coal Chemical Project, even if it uses high-quality coal mines in other areas such as Erdos, will become uneconomical due to the large increase in transportation costs.
The investment in the Datang Coal Chemical Project has also been criticized by the industry. The Keqi coal-to-gas project is divided into three phases. The initial planned investment was 25.7 billion yuan, but the total investment of the first-phase project alone exceeded 33 billion yuan.
According to an audit report issued by the National Audit Office in June 2014, the actual investment amount of the Datang Duolun Coal Chemical Project has exceeded the estimated budget of 6.179 billion yuan by the end of 2012, and the project has not yet reached the expected target after the project is postponed. The project failed to meet the production requirements due to torch design defects and there were safety hazards. The redesign and construction of this project will increase the investment by about 19 million yuan.
The failure of Datang Coal Chemical to invest in coal chemical industry has also caused doubts in the industry about non-coal and non-chemical enterprises such as power generation companies entering coal chemical industry.
A senior person engaged in coal chemical technology told the interface journalist that coal chemical industry is much more complicated than the construction and operation management mode of the power plant. From the selection of drawings and processes to the later operation, professional personnel are required to .
“Electric power enterprises are doing coal chemical industry. Although some coal chemical talents have also been introduced, the leadership is mostly transferred from the power system. The coal chemical projects are not well understood. The coal-based chemical industry is considered by power generation thinking, and some fatal technical problems are neglected. "The person pointed out.
The entry of power companies into coal chemical industry was largely due to the acquisition of coal resources and was forced to be brought in.
In 2002, the Chinese coal market opened the road of “Golden Decadeâ€, coal prices soared, and power companies were in a weak position relative to coal mining enterprises.
Obtaining scarce coal resources has once become the goal of power companies. However, in accordance with the requirements of local governments, if you want to obtain coal resources, you need to convert in a certain proportion. In this way, power companies are “forced†to develop coal chemical industry.
In a short period of time, many power generation companies have entered the coal chemical industry. The shortage of talents and insufficient technical reserves have become the biggest bottleneck for the development of coal chemical industry. As the first five power generations to enter the coal chemical industry, the negative effects caused by this bottleneck are particularly prominent.
In 2014, Zhang Ming, general manager of Datang Nenghua, wrote an article to reflect on the reasons for the setback of Datang Coal Chemical. He said that coal chemical industry is a high-risk industry with high temperature and high pressure. The process technology is very complicated, and there are many non-standard equipments. The requirements for safety and environmental protection are extremely high. Strictly, there is an image in the chemical industry, called "five-year design, three-year construction, and production in one."
The coal-based polypropylene and coal-based natural gas projects that Datang has successively launched are the first demonstration projects in China. There are no similar scale devices in the world, and they need great patience and time test.
"However, the reality of the lesson is that in the initial stage of project construction, individual projects in order to seize speed, seize opportunities, and occupy the market, the map is fast, regardless of the law of development of the industry, even if the drawings are not available, the long-term equipment has not been tendered. The result of the construction of the latter facilities was that the construction was changed and rebuilt, and design changes and design changes were frequently made. Zhang Ming pointed out.
The wood has become a boat. How can the self-rescue of Datang chemical assets that cannot be dismissed in a short period of time?
"The location and technology have been fixed, and the fixed investment can't be changed. It can't be pushed back. All that can be done now is to further improve and eliminate the technical aspects, further solve the safety and environmental protection problems, and further improve the management requirements. To be strict." The above-mentioned Datang energy middle-level people told the interface journalists.
Datang is also actively building confidence in the coal chemical business. In April, Wu Xiuzhang, the chairman of the former Shenhua Group Coal-to-Liquid Chemical Company, was transferred to the rank of Deputy General Manager of Datang Group, which also gave the industry a little more expectation for Datang Coal Chemical.
“The impact of Wu Xiuzhang on the business of Datang Coal Chemicals has just begun. In addition, it depends on the next step of the State-owned Assets Supervision and Administration Commission for the business of Datang Coal Chemicals.†The above-mentioned middle-level people told the interface journalists.
Obviously, Wu Xiuzhang is a key link in the process of reorganizing the coal chemical sector within Datang Group. According to the National Enterprise Credit Information Publicity System, the above-mentioned takeover of the Datang Power Coal Chemical Industry is the new representative of the company, and its legal representative is Wu Xiuzhang.
Born in 1966, Wu Xiuzhang was just 50 years old and has extensive experience in the coal and chemical industries. He used to be the deputy chief engineer of Yanshan Petrochemical Company, and also served as the dean of the Coal-to-Liquid Chemical Research Institute and the deputy manager of the Shenhua Group Coal Liquefaction Engineering Department. In January 2005, he served as deputy chief engineer of Shenhua Group, and later served as deputy general manager and vice chairman of Shenhua Coal-to-Liquid Chemical Company. In April 2010, he was promoted to chairman of Shenhua Coal-to-Liquid Chemical Company.
Shenhua Coal-to-Liquid Chemical Company is a wholly-owned subsidiary of Shenhua Group. It operates a coal direct liquefaction million-ton demonstration project, an annual production capacity of 180,000 tons of coal indirect liquefaction demonstration project, and Baotou coal to olefins project. .
A senior executive of Datang Keqi Coal Gas Company told the interface journalist that for the project company, there is no official policy yet, and the change is still not obvious. It is still managed by Datang Power Generation in September. Officially transferred to the group management.
In the face of the “bad mess†of Datang Coal Chemical, Wu Xiuzhang’s pressure is not small. For the further development plan after the reorganization of Datang Coal Chemical, the interface news called Wu Xiuzhang, which refused the interview on the grounds of the listed company.
However, the above-mentioned coal science generals revealed to the interface journalists that the Coal Science Institute has newly received the Datang project, one of which is to study how to reduce the loss during the transportation of lump coal in the coal chemical project.
Coal chemical technology experts told the interface journalist that the impact of environmental protection and low oil prices on the economics of coal chemical industry will be the biggest challenge facing Datang and even the entire domestic coal chemical industry.
Datang's annual production of 4 billion cubic meters of Keqi coal-to-gas project is the first large-scale coal-to-natural gas demonstration project in China. On July 28, 2012, the entire process of the first phase of the project was completed, and qualified natural gas was produced. But in fact, according to the annual report of Datang Power Generation, in 2015, the project only produced a total of 552 million standard cubic meters of natural gas.
The Keqi Coal-to-Gas Project site is located in Darihan Ulasumu, 68 km southwest of Jingpeng Town, Keshiketeng Banner, Chifeng City, Inner Mongolia. It supplies gas to Beijing through the gas pipeline of PetroChina. “Beijing’s gas market is rising, but it is not as good as expected. In winter, demand is large, and summer demand is small.†An executive of the above-mentioned Datang Keqi Coal Gas Company told the interface reporter.
The person also pointed out that due to the serious drop in oil prices in recent years, the oil exploration sector in China has a poor performance and hopes to use more self-produced natural gas. Therefore, there is a limit to the coal-to-gas transmission produced by the Keqi project, and the Keqi coal-to-gas plant has to reduce the load. .
The lower oil price brings a more serious impact, which is the fall in gas prices. At the beginning of the construction of the Keqi coal-to-gas project, market participants estimated that when the coal price was 200 yuan/ton, the ex-factory cost of Keqi coal-to-gas products was about 1.97 yuan/m3, when Datang Power and PetroChina signed The price of the network is 2.75 yuan / cubic meter, and profit is just around the corner.
“The gas price of the project last year was reduced to 2.4 yuan / cubic meter, and now it has dropped to 1.82 yuan / cubic meter, the price has dropped too fast, it is difficult to profit at the current price." The person said.
As a result of the decline in the sales price of natural gas, as of March 2016, Keqi Coal-to-Gas Company had a loss of 246 million yuan, and it is expected that Keqi Coal-to-Gas Company's revenue in the first half of the year will fall by about 325 million yuan.
According to the above sources, the second phase of Keqi Coal-to-Gas Project has been completed 85%. Due to factors such as gas price and receiving market demand, it is currently under construction and is likely to face changes in product structure adjustment. Natural gas is no longer produced and replaced with other products such as methanol.
“It’s time to return to work or change the process plan, and it’s up to the new company,†the source said.
Another coal-to-gas project in Datang, the Fuxin coal-to-gas project in Liaoning Province, has failed to achieve a return to work after the construction was stopped at the end of 2014 after a cumulative investment of more than 14 billion yuan.
According to industry insiders, the main project of the project has been basically completed. “It’s better to be idle than to idle, and idle means losing money every day. But there are still many uncertainties in the new project. After the project is put into production, where is the gas sent, the price is, and the coal resources come from. Before these factors are determined, It will be put into production easily. The light-starting device will also invest a lot of money." The executives of the above-mentioned Datangkeqi Coal-to-Gas Company told the interface reporter.
In the initial planning, the gas supply scope of the Fuxin coal-to-gas project involved Fuxin, Shenyang, Tieling, Benxi, Fushun and other cities, radiating nearly half of Liaoning Province. However, in the current economic downturn in the Northeast, how large the scale of gas use in Liaoning is unknown.
On the other hand, Fuxin coal resources are facing depletion, and local coal resource production is not enough to support the production of Fuxin coal gas project. Datang has plans to transport lignite from Xilin Gol through the supporting project PNG. However, according to the above-mentioned insiders, in view of the current mining costs, the coal-fired supply of Duolun and Keqi coal-to-gas projects in the Xilin Gol area is slightly insufficient, and the Papua New Railway is not currently fully integrated.
Another problem that needs to be solved after the reorganization of Datang Coal Chemicals is environmental protection. In recent years, the environmental protection incidents of Datang Coal Chemical Industry have caused many public dissatisfaction.
In June 2014, the Ministry of Environmental Protection issued an announcement that penalties for the long-term excessive discharge of sulfur dioxide caused by outstanding problems in the desulfurization facilities of the Duolun coal-to-olefins project. In the same year, the Keqi Coal-to-Gas Demonstration Project was also investigated by environmental protection agencies and found that there were serious environmental pollution problems, including suspected sewage illegal sand discharge, threatening groundwater, evaporation pond pollution and delaying excessive discharge.
Due to a leak in April this year, Duolun Coal Chemical Company has suspended operations since May 18 and has not resumed operations. According to the announcement issued by Datang Power, the revenue of Duolun Coal Chemical Company is expected to decrease by approximately 371 million yuan based on a three-month suspension.
“The process technology adopted by Datang Coal Chemical Co., Ltd. uses lignite as raw material, and the discharge of its own wastewater is excessive. Because the water content of lignite is very large, it is more difficult to handle,†said the senior officials of the Coal Research Institute. “But from a technical point of view, the current coal chemical project is completely achievable with zero emissions. The key is to be reluctant to invest.â€
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