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After the completion of the equity participation, Sinopec and PetroChina will each take 30% of the shares of Shengu in the form of capital injection, and Shenyang City's SASAC will account for the remaining 40% of the equity. It is understood that this new model is to try to break the single state-owned system form of equipment manufacturing enterprises, and promote cross-industry, cross-regional, cross-ownership mergers, mergers, and strategic reorganization of key enterprises to achieve diversification of investment subjects. The goal is to build Shengu into the largest general machinery equipment manufacturing base in China.
According to reports, Shengu is one of Sinopec and CNPC's major technology equipment suppliers. Its large-scale centrifugal compressors have a domestic market share of over 85%, and large blowers account for 40%. Sinopec and PetroChina participate in the sinking of shares. On the one hand, it can provide Shenkuang with the funds needed for development and a broader market. In the future, Shengu should go global, and it can also be achieved through Sinopec and CNPC's overseas investment; on the other hand, it can be better. To promote the localization of major petrochemical equipment and reduce the investment in Sinopec and PetroChina's technical equipment and project construction costs. It is understood that in the past decades, Sinopec and PetroChina have adopted home-made centrifugal compressors developed from Shengu, saving at least US$500 million more than using imported equipment.
According to Su Yongqiang, chairman and president of Shengu Group, the new Shengu Group was reorganized by the original Shengu Group in 2004, Shenyang Pump Co., Ltd. and Shenyang Gas Compressor Co., Ltd., and subsequently moved to Shenyang Tiexi New Area. In 2006, the output value of sinking drums reached 4.2 billion yuan, and in 2009 it is planned to exceed 10 billion yuan.
According to another understanding, GE and Siemens’ shareholding in the Shengu Group is currently actively being pushed forward. Once the two parties reach an agreement on technology transfer, foreign capital will enter the implementation stage. In addition, the listing of Shengu has now entered the preparatory stage.
Sinopec PetroChina Officially Participates in Shengu
On June 9, the signing ceremony of China Petroleum & Chemical Corporation and China National Petroleum Corporation’s participation in Shengu Group was held in Shenyang’s Tiexi New District. Zhang Jianhua, senior vice president of Sinopec, and Liu Hongbin, director of the planning and planning department of CNPC, and Wang Ying, deputy mayor of Shenyang, signed the agreement on behalf of the three parties respectively. This kind of reorganization and restructuring mode in which large-user enterprises participate in the state-owned equipment manufacturing backbone enterprises is still the first time in China's oil and chemical industry.