PX产业链及投资分析

PX Industry Chain and Investments

对二甲苯(PX)是与我们日常生活息息相关的化工产品。国内PX原料供应的主要途径是来自上游炼厂的石脑油,PX联合装置主要由连续重整、抽提、吸附等单元组成,而下游也基本配套建设了精对苯二甲酸(PTA)装置。受制于聚对苯二甲酸乙二醇酯(PET)的发展速度放缓,PTA产能呈现过剩状态。但受到PTA产能扩张速度加快的影响,PX新增产能仍不能满足国内生产需求,我国仍需大量进口PX,PX在国内仍有较好的发展前景。PX项目盈利的多少主要是受到供应过剩以及市场需求疲软的影响,2014年PX全面亏损只是说明PX发展暂时处于盈利的低谷期,抓住市场机遇对于PX装置盈利至关重要。炼化企业投资PX项目要考虑到原料来源和交通便利。中国石化已成为全球第三个具有完全自主知识产权的大型化芳烃生产技术专利商,下一步应加大PX成套技术国产化推进步伐,从根本上提高我国PX产业的核心竞争力。同时,要优化产业布局,与区域经济发展相协调。

Para-xylene（PX） is a chemical product closely related to our everyday life.The main source of feedstock used by domestic PX producers is naphtha from upstream refiners.An integrated PX plant consists of a continuous reforming unit,an extracting unit and an adsorption unit.Most PX plants are also equipped with downstream pure terephthalic acid（PTA） units.Due to a slowdown of production of polyethylene tereph-thalate（PET）,there is now an overcapacity of PTA in China.However,affected by the rapid expansion of PTA production capacity,new PX capacities are still unable to satisfy demand and China has to import large amounts of PX each year.PX still has solid market prospects in China.The current low profit margins of PX projects are primarily due to oversupply and weak market demand.The loss suffered by PX producers as a whole in 2014 only means that PX development is currently in its low ebb of profit making.Market opportunities are critical to the profit margins of PX plants.When investing in PX production,refiners need to consider the availability of raw materials as well as traffic convenience.Sinopec is now one of three patent hold-ers who have the full proprietary intellectual property rights for large-scale arene expertise in the world.The next step the company needs to take is to quicken its pace of developing its own packaged PX technology,contributing to the enhancement of core competitiveness of the domestic PX industry.In addition,the capacity distribution of the industry should be optimized further to match local economic development.