Rational Thoughts on Thermal Development of Coal Chemical Industry

With the massive exploitation of coal resources, local governments have supported the development of coal projects and the rapid development of local coal processing industries based on the concept of achieving energy conversion and promoting economic development. At the same time, it also put forward a test for the coal chemical industry to prevent credit risks.

Due to the “charm” temptation of the coal chemical project's contribution to GDP and the coal resource advantages of the project, coupled with the transportation bottleneck of the northern Shaanxi region, the impulse to develop the coal processing industry on the spot is stronger, and investors are still rushing to the local government and enterprises. The group is still hurrying to move up and fast on the project, and the new round of investment is showing a trend of “fire”.

Investment and return show a “contrast” situation According to data from the National Development and Reform Commission, the traditional coal chemical industry has an overcapacity of over 30%. Under the impact of imported products, the methanol plant operating rate in the first half of 2009 was only about 40%. Olefin production projects, actual start-up and start-up conditions are less than 10%, coal chemical companies generally have poor operating efficiency.

(I) Higher prices of raw materials directly led to the loss of coal chemical companies In February 2004, Yulin Coal Chemical started the construction of a 600,000 tons of coal-to-methanol project of 300,000 tons for the first phase. It is expected that the profits will be considerable. When the project was put into production in 2007, the coal market price had reached more than 700 yuan per ton, and the methanol market price was approximately 3,000 yuan during the same period. At this time, the project profit can only be guaranteed. At present, the market price of methanol is just over 2,000 yuan, and the total investment of Yulin Coal Chemical has exceeded 700 million yuan so far. Due to serious losses, the project will be shut down within one year of production. Yan'an's two coal chemical companies also produce intermittent production for the same reasons, and their recovery is not expected.

(II) Increase in Additional Costs Causes Coal Chemical Industry Enterprises to Overcome. Currently, the coal chemical project in Yulin City is 50% capital-protected and 50% loss-making under the premise of matching coal mines. Due to the huge water consumption during the production process of coal chemical companies, Shaanxi has decided to develop and use the surface water resources of the Wuding River, build Wangyu Block Reservoir to meet the water demand of the project in the Yuheng Coal Chemical Industry Zone, and also formulated the Yellow River Diversion Project, the South-to-North Water Diversion Project, and the water Resource replacement and other long-term solutions to water resources, but "there can not be far from hydrolysis of recent thirst", coal chemical companies that have already started or started production can not enjoy the "extreme water" of "Enze". With the rapid shortage of water resources, the price of water has risen steadily, and the increase in labor costs has also indirectly led to the loss and shutdown of coal chemical companies.

(III) “Two highs and one surplus” led coal chemical companies to struggle. Coal chemical companies have high energy consumption, high pollution, and high environmental risks, and have been the concern of the international coal chemical industry in recent years. After the rapid development of coal chemical industry in Shaanxi Province, most of the organic pollutants discharged from coal chemical enterprises are difficult to be degraded, supporting construction is lagging behind, and the problem of environmental pollution is becoming increasingly serious. If, according to international standards, environmental externalities such as water consumption and high pollutant emissions are included in the coal chemical project cost system, the economic viability of many coal chemical projects in northern Shaanxi will not be established and many companies will have to stop work.

(4) Weakening of bank credit support led to financial difficulties in coal chemical companies Compared with agriculture and other industrial projects, banks have always been cautious and cautious about the credit intervention in the coal chemical industry. In Yan'an, Huangling United Association once issued more than 10 million yuan to local coal mines from 2000 to 2005. After the state's policy of shutting down and switching to small coal mines and integrating coal resources, it caused over 700 million yuan** for various reasons. Bad, Huang Linglian Association spent nearly 8 years to basically solve the bad **, which directly led to the Associated Press’s delay over 5 years from the other counties within the jurisdiction. Be cautious.

Financial Support for Coal Chemical Industry Should Appropriately "Control Temperature"

With the high coal prices and the increase in additional costs, the coal chemical companies have experienced sluggish operations, and the country’s right to examine and approve coal chemical projects has also gradually increased. Small coal chemical projects have been strictly controlled and compressed, and large state-owned enterprises have begun to acquire With the project of supporting coal mines, it will gradually divide up the coal resources. According to the survey, only 18% of the coal reserves in Yulin City are occupied by local governments, and the rest are owned by provincial enterprises and state-owned enterprises. In the final analysis, the ultimate goal of the coal chemical project acquisition and acquisition is to obtain supporting coal resources. Some coal chemical projects that have ceased production due to work stoppages rely on leased mining rights or the sale of raw coal to barely maintain the road to bankruptcy. The core is that they are reluctant to give up coal resources. Occupation. Therefore, it is recommended that the following measures be taken to properly control the temperature.

(1) Analyze the status quo objectively and establish a scientific development concept. First, plan the industry in an integrated manner. The current situation of coal chemical enterprises in northern Shaanxi has both the impact of the lack of a clear strategic plan for the development of national coal chemical industry and the absence of a clear industrial policy. There are also local government-driven industries that are driven by their pursuit of political achievements. They also have more business-to-industry, market, and products. The reason why the valley cycle is unclear and blindly pursues short-term benefits. Therefore, according to the coal resources reserves, environmental tolerance, water resources, and production capacity of the northern Shaanxi region, according to the concept of scientific development, do a good job of planning, contiguous regional management, and implement integrated management of existing enterprises and declared projects. Waste of resources, repeated construction, and environmental damage.

The second is to standardize the allocation of resources. The government should stand at a strategic height and correctly analyze the policy environment, operation level, and production capacity of coal chemical companies in northern Shaanxi, fully consider the relationship between resource utilization and environmental protection, handle local economic income and the harmonious development of the whole society, and the short-term benefits and long-term benefits of the company. The relationship between development, careful examination and approval of mergers and acquisitions, scientific and rational allocation of coal resources, and the sustainable use of coal resources.

(b) integration of coal chemical companies to prevent industry risks First, integration of enterprises. In accordance with the principle of homogeneity and integration, the company has already completed and put into production or plans to launch a project, which will bring together companies with similar industries and complementarities to achieve intensive and large-scale operations of coal chemical companies and strengthen their ability to resist risks. For enterprises with small scale, weak production capacity, serious environmental pollution, poor technology, and unsound supporting facilities, the companies that cannot meet the standards or have no hope of rectification and reform are forced to close down. Gradually reverse the situation of decentralized use of resources, short product chains, low level of comprehensive utilization, unobvious cost advantages, similar products among each other, and disorderly market competition.

The second is strict approval. For the coal chemical projects declared by local governments, according to the National Development and Reform Commission's plan, strict market access approval, in accordance with the national industrial policy and environmental protection requirements, fully consider the operation of coal chemical industry enterprises in northern Shaanxi, the industry, products Conduct scientific argumentation, fully grasp the development prospects of the industry, and resolutely implement “zero tolerance” for repeated construction projects. Strictly investigate and punish the phenomenon of ultra vires approval, construction without approval, and side-by-side construction. Resolutely curb the turmoil in coal chemical projects, blooming, chaos, and disorderly competition, maintain the order of coal chemical industry operations in coal resource-rich regions, and make the coal chemical industry a real engine for promoting local economic development.

The third is rational choice. For coal chemical projects, we must scientifically analyze and rationally make decisions. First of all, it is policy-oriented. The preliminary demonstration of the project must be meticulously put in place. We must thoroughly analyze products, technologies, and markets, and fully evaluate risks in technology, markets, and other aspects. Followed by resource-oriented, strive to draw on the ground, rich in resources and convenient transportation. Once again, it is market-oriented. It fully demonstrates enterprise products, grasps the international and domestic market demand and long-term trends, avoids investment overheating and “virtual fire” and “rapid fire” phenomena, and emerges from the development of coal chemical industry where every coal must be duplicated, redundantly built, and has excess capacity. .

(3) Rational support from banks and prevention and control of credit risk First, prudent intervention and merit support. The high input and high risk characteristics of the coal chemical industry are obvious to all. It is the industry risk that the banking industry is most concerned about. Banks must prudently intervene in the coal chemical industry in accordance with national macro-control policies based on the need to guard against risks and safeguard deposits. , Strictly control, in-depth evaluation of new projects, market forecasts, product analysis and pre-lending investigation should be intensive and rigorous, we should use the merit in the selection of merit, to avoid the impact of government and corporate investment overheating, rational decision-making, strict Close the entry gates for duplicated construction, unapproved construction, and stoppage production projects**. For projects that meet the conditions of **, complete procedures, implement mortgages, implement risk offsets, and ensure high investment in coal chemical industry. High output.

The second is to strengthen monitoring and control risks. The stocks that have been issued** must implement departments and responsible persons, strengthen monitoring, and strengthen post-lending management. On the one hand, pay close attention to the operation of the enterprise, closely monitor the company's cash flow, strictly implement the new regulations, strengthen the use of supervision, and focus on preventing ** concentration risk. Through real-time monitoring, it is possible to discover hidden dangers of proneness and proneness and to take preventive measures as soon as possible. On the other hand, we must keep abreast of the changes in national industrial policies, pay attention to the international and domestic coal market conditions, and be familiar with the coal chemical industry's integration policies. We must take the initiative to take an active part in the integration of enterprises that have been shut down and transferred, and adopt targeted measures to consolidate the creditor’s rights. The debt is vacant.

The third is close collaboration and risk sharing. For the coal chemical project ** huge investment, long investment period, many uncertainties and other characteristics, strengthen contact and cooperation with security agencies, and share risk. On the one hand, strengthen cooperation with banking institutions, promote syndicates, and spread risks scientifically and reasonably. On the other hand, strengthen cooperation with guarantee agencies and insurance companies, implement ** guarantees and guarantee responsibilities, and implement second repayment sources and ** loss compensation. At the same time, we actively communicated with local governments and corporate management departments to achieve information sharing and take preventive measures.