national level CIP · Panjin, Liaoning

Panjin Petrochemical Industrial Park

盘锦石化工业园

Know what the park makes, who runs the lines, and how the cargo gets to the port.

Panjin is built on the Liaohe oil field, China's third-largest historical oil field (after Daqing and Shengli), and the Liaohe refinery has been a CNPC anchor since 1980. The park combines CNPC Liaohe Petrochemical's 12 Mt/yr crude refining capacity with Hengli Petrochemical's adjacent operations and a meaningful Liaohe-oil-field-side chemistry cluster. The Liaohe field itself has been declining in production for two decades, and the refinery feedstock is increasingly imported crude via Yingkou Port, which is structurally similar to the Daqing situation. Panjin's competitive position is anchored in heavy-crude processing capability: Liaohe heavy crude is high-sulphur and acidic, and Panjin refineries have historically led Chinese capability in heavy-crude conversion (delayed coking, residue hydrocracking). Two operator-distinct points. First, Panjin Northern Asphalt is one of China's larger road-asphalt producers, leveraging the Liaohe heavy-crude residue stream; the asphalt market is a Northern China construction-cycle play. Second, the Yingkou Port adjacency provides direct chemical-tanker exports to NE Asia, but Yingkou Port is shallower than Dalian or Yantai, which constrains VLCC-laden imports.