In a landscape where China's petrochemical industry saw a significant 20.7% year-on-year decline in total profits last year, STL emerges as a beacon of success, defying the downward trend with double-digit revenue and profit growth. This remarkable feat underscores the critical importance of pioneering new productive forces tailored to local conditions, setting a shining example for the nation's chemical industry as it steers towards high-end, green development.
Leading the charge with "dual-carbon" strategy, developing a green and efficient lightweight production system
As a key player in the domestic light hydrocarbon industry chain, STL remains steadfast in its commitment to producing olefins using lightweight raw materials, showcasing remarkable advantages in conversion rate and comprehensive energy consumption compared to traditional processes, which demonstrate significant efficiency-enhancing capabilities in company's productions and operations. By pioneering China's first global supply chain for ethane on the raw material side, STL secures a unique development resilience, while the continuous commissioning of downstream products such as ethanolamine and carbonate esters, and the increasing integration of the production process further solidify its position of the light hydrocarbon industrial chain in the field.
Developing the light-quality production system is STL's strategic move led by "dual-carbon" strategy for industrial innovation. Taking raw material as an example, the light hydrocarbon cracking route reduces carbon emissions by about 90% compared to the coal-to-olefin route, enabling green chemicals with clean raw materials and achieving true industrial greening. The closed-loop "4R" green and low-carbon industrial mode spanning "source-process-end" drives the improvement of industrial "green content", thus enhancing "gold content" at the same time. With promises to cumulatively reduce carbon dioxide emissions by over 2 million tons by 2030 and achieve carbon neutrality throughout its value chain by 2050, STL is firmly committed to driving environmental stewardship and fostering a greener future.
Furthermore, STL's embrace of the light hydrocarbon route presents additional benefits, including the production of high-purity "green hydrogen" as a by-product, achieving hydrogen production in low-carbon. At present, the hydrogen energy industry has become a national strategic emerging industry and the significant development direction of the future industry, and the development has entered the "fast lane". With plans to exceed 400,000 tons of annual "green hydrogen" production, STL has become a major supplier in the East China region, further enhancing its green driving forces in sustainable energy solutions.
As the 28th United Nations Climate Change Conference establishes the international consensus to "accelerate the implementation of CCUS and other zero-emission and low-emission technologies," Satellite entities are vigorously exploring the integration of CCUS technology into their production and operational processes. Additionally, they are collaborating with upstream and downstream partners within the industrial chain to jointly construct a decarbonized value chain, thereby further advancing the lightweight and environmentally friendly low-carbon development of petrochemical raw materials.
Innovation Leads the Way, fueling the Engine of New Quality Productive forces
Pioneering a path defined by high technology, efficiency, and quality, STL always stands at the innovation-driven development, spearheading a relentless pursuit of sustainable growth. In a groundbreaking move in 2023, STL emerged as the world's second and China's first enterprise to master the proprietary technology for selectively aggregating high-carbon α-olefins. This pivotal achievement shattered barriers in China's high-end polyolefin sector, propelling STL to a prime position within the nation's high-end chemical new materials industry chain. Looking ahead, the completion and launch of the α-olefins comprehensive utilization industrial park project will extend STL's industry reach into downstream domains like high-end polyolefins (mPE), polyethylene elastomers (POE), lubricant base oils (PAO), ultra-high molecular weight polyethylene (UHMWPE), and so on, statuses as a model in steering China's chemical industry towards the new quality productive forces.
As the "New Trio" takes center stage in China's advanced manufacturing exports, STL remains laser-focused on its core business while actively expanding its portfolio of new energy and materials. From automotive body materials to battery electrolyte precursors, and from photovoltaic films to electronic-grade hydrogen peroxide, STL leverages high-end chemical innovations to catalyze the accelerated growth of the "New Trio."
In 2023, STL's record-breaking R&D investment surpassed $1.6 billion, marking a remarkable 31% year-on-year increase. With over 1,200 dedicated researchers driving innovation forward, STL continues to forge ahead with ambitious plans for future research and development centers. These centers are strategically aligned with national priorities and industry demands, serving as incubators for breakthroughs in high-performance catalysts, new energy materials, polymer innovations, and functional chemicals. By embracing proactive foresight and fostering deep integration across industry, innovation, and talent, STL lays a robust foundation for high-quality development, embodying the driving force behind the evolution towards new quality productivity.
Struggle is at the core, harnessing the power to transcend through the cycles
"Traversing thousands of mountains and rivers, articulating myriad thoughts, exploring every possible avenue, enduring countless hardships," the "Spirit of Four Thousand" epitomizes STL's culture of perseverance, and signifies STL's profound commitment to shouldering the responsibility for the development of private enterprises in the new era.
For STL, collective effort and unity of purpose are paramount. We work together, pooling our resources and giving our all, unified by a shared goal and consensus, and reaping the rewards of our collective efforts. The spirit of perseverance and the cohesive force of unity ensure the organization's teams maintain their fighting spirit amidst unprecedented change, enabling STL to harness the power to transcend through the cycles.
On the road to building a modern, powerful China, STL will fulfill its mission by embracing green, innovative, and high-quality development, deeply integrate into the construction of China's modern industrial system, contributing our strength to the transformation, upgrading, and sustainable development of the chemical industry.
