PTA saves the day for Hengli,limits losses for Rongsheng

摘要

The two private Chinese refining/PC companies reported their financial performances were helped by the purified terephthalic acid(PTA)sector.Hengli Petrochemicals H1 profit was 113.6% higher on the year at 4.02B yuan($569MM)as it ramped up its new 400K-b/d Dalian-province refinery to full rates in May.The company said the refinery contributed to profits,but the main driver of the increase was its PTA segment.Rongsheng Petrochemical reported 8.7% lower profits of 1.05B yuan($149MM)in H1,while its new 400K-b/d Zhejiang Petrochemical Corp.refinery in Zhoushan(Zhejiang province)posted an H1 loss of 29.6MM yuan($4.19MM).The company said PTA margins improved in 2Q while maintenance throughout H1 tightened supplies.