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PTA (pure terephthalic acid) is an important raw material for producing polyester chips and polyester fibers. In recent years, China's textile and chemical fiber industries have seen rapid growth in demand for polyesters, especially fiber polyesters. The production capacity and output of chemical fibers have leapt to the top in the world, but PTA, which is the main raw material of polyester, has insufficient domestic capacity and imports have increased year by year. According to customs statistics, the current annual PTA imports amounted to more than 6 million tons, and the foreign dependence amounted to more than 50%.
Relevant sources estimate that by 2010, domestic PTA consumption will reach 17 million tons, of which the demand for PTA in Zhejiang Province, where the textile industry is developed, will account for more than 50% of the total domestic volume.
According to the “Ningbo Daily†report, the unique advantages of the port and the characteristics of the polyester industry in the surrounding areas have caused Chinese and foreign investors to focus on the Beilun development area. On August 31, 2005, Yisheng PTA Phase I project in Ningbo Qingyi Chemical Zone was formally put into operation. The project has a total investment of 10 billion yuan. It plans to build 3 sets of PTA production lines by 2009, with an annual production capacity of 2 million tons.
The Mitsubishi Chemical PTA project, which was jointly funded by Japan's Mitsubishi Chemical, ITOCHU Corporation, Mitsubishi Corporation, and CITIC Group Corporation, which is a Fortune 500 company, also started construction in May 2005. The general manager of the company, Futian Xinfu, told the reporter that Ningbo Mitsubishi Chemical's PTA project is the only project invested by Mitsubishi Chemical in China. It takes only one and a half years from construction to production, and Mitsubishi Chemical is the fastest among all PTA projects in the world. After the first phase of the project is put into operation, Mitsubishi Chemical will also plan the construction of Phase II and Phase III projects with a total investment of US$1 billion and a final production scale of 2 million tons/year.
Ningbo PTA project equipment is basically completed and commissioned
After a year and a half of construction, the installation and commissioning of Ningbo Mitsubishi Chemical's PTA project located in the Daxie Development Zone has basically completed and the production will begin soon. At the same time, Yisheng Chemical's renovation and expansion project in Ningbo Development Zone is in full swing; the PTA project of Petrochemical Zone of Ningbo Development Zone is under application. This shows that the Ningbo Beilun Development Area, which relies on the advantages of the port, is becoming an important PTA production base in China.