Gelonghui (603255.SH) announced on July 27丨Dingjide () announced that in order to accelerate project implementation, and given that the Dalian Changxing Island Economic and Technological Development Zone has more advantages in terms of location environment, port conditions, factor security, etc., and based on the principles of friendly negotiations and win-win development, Petrochemical Technology recently plans to sign an investment agreement with the Dalian Changxing Island Economic and Technological Development Zone Management Committee. The proposed implementation site for this project will be changed from Xianrendao Economic and Technological Development Zone in Yingkou City to Changxing Island Economic and Technological Development Zone in Dalian. At the same time, the board of directors of the company requested the shareholders' meeting to authorize the management to fully handle matters relating to the implementation of the project and the execution of the investment agreement, including but not limited to the acquisition of project land, subsequent bidding and procurement work for project construction, signing relevant contracts or agreements, submission of application documents to the government for approval, application procedures, organization and implementation, and credit, loans and other financing for the purpose of this project.
The recent project is estimated to have a total investment of 10 billion yuan, of which the first phase of the recent project is estimated to have a total investment of 6 billion yuan and an estimated fixed asset investment of 4.5 billion yuan, which will be used to build 200,000 tons/year POE, 300,000 tons/year of ethane alpha-olefin (post-stage) and utilities; the second phase of the recent project is estimated to have a total investment of 4 billion yuan and an estimated fixed asset investment of 3.5 billion yuan, which will be used for the construction of 200,000 tons/year POE, 300,000 tons/year ethane alpha-olefin (front stage) and engineering utilities and other related supporting facilities. The long-term planning project initially plans to build 400,000 tons/year of liquid phase polyethylene, 300,000 tons/year ethane to vinyl acetate, 200,000 tons/year POE, carbon dioxide to olefin, and public works related facilities. Specific matters such as the total investment amount of the long-term project will be agreed upon separately by the two parties at that time.