The deep winter in Xucheng is wet and cold, and there is air conditioning in the building. As soon as he came out to see Wei Fenghua and others leave the hotel, Chen Huai didn't think anything was there. At this moment, he smoked two cigarettes behind the station building. When the cold wind poured into his neck, he felt cold all over. He didn't stand outside with Sun Yalin and entered the building wrapped in clothes.

Donghua Hotel is also the location of Donghua's office in Xu. It is a complex composed of a guild hall during the Republic of China and several newly built annexes in the 1900s.

The renovated guild hall is open to the public, and the few small buildings behind it become places where Donghua officials temporarily rest or have banquets and banquets in Xucheng.

In order to save funds, the county also revitalized the assets of the old Xiapu Hotel, and booked a three-story villa-style building here as the office land of the county office in Xu. In addition to the staff's office and accommodation places, small banquets and meeting arrangements can also be held. There are also several well-filled living rooms upstairs for county leaders to rest.

The building looks gray, except for the windows, the floors are covered with old vines of ivy. Jingdong only has a few lonely yellow leaves, as if the building has exposed the blood vessels of the skin - but Chen Huai likes this quiet and cold style.

Chen Huai walked in. Liao Dezhi, director of the county office, was about to walk out from the duty desk, holding a windbreaker in his hand. He didn't know if he wanted to take it out for him to relieve the cold. Chen Huai nodded to Liao Dezhi and said, "Everyone is busy for a day, go and rest; take a box of gold leaf cigarettes for me..."

Liao Dezhi didn't know why Chen Huai liked to smoke the most common golden-ye tobacco in Donghua, but the leader liked what cigarettes and what wine he liked were in stock here for emergencies. Even if the leader's entourage was taking some alcohol and cigarettes away from here, it was also open for supply.

Liao Dezhi gave Chen Huai a cigarette and watched him and Sun Yalin go upstairs. In a tone of high or low voice, he reminded the staff on duty to say a few things about work before returning to the room, but he didn't dare to go to bed, and he had to listen to the movements outside at all times.

******************

"Do you have any plans for the Xinpu Refining and Chemical Project?" Sun Yalin entered the room and asked Chen Huai this question.

Chen Huai sat on the coffee table with his feet raised, opened the cigarette and lit it, and said, "I have reserved the planned land in Xinpu, what else can I plan? It's just money and someone - Yao Ronghua, who asked me to meet tomorrow, but he obviously won't have any good news to me..."

"The industrial trust plan on Yexin may not work, and the head office's assessment risk is too high." Sun Yalin told Chen Huai the bad news directly.

In addition to being allowed to absorb public deposits in China, Yexin Bank can also sell some trust and financial products such as securities or industrial equity investment to customers.

Chen Huai once discussed with Yao Ronghua that Yexin Bank could try to establish an industrial trust fund to raise funds specifically for the comprehensive development of Xinpu Port.

This industrial trust fund is essentially no different from Zhongxin Investment and Hongji Investment. The difference is that Zhongxin Investment and Hongji Investment targeted the raising of industrial equity investment funds in the Chinese business districts in Hong Kong, London and Paris, while Yexin Bank's industrial trust fund targeted the raising of investment funds from Yexin Bank's customers.

If this plan is effective, then Yexin Bank can still raise 80 to 1 billion yuan for the comprehensive development of Xinpu Port. Now the Yexin Head Office judges that this product is too risky, and this matter is basically considered a waste.

Chen Huai didn't know if it was because of the Yexin Head Office that it really thought the risk was too high, or if someone started to get stuck on the neck.

Seeing Chen Huai sitting there smoking and not talking, Sun Yalin sat over and snatched the cigarette from Chen Huai's mouth. At the angle she sat, it was not convenient to raise her legs to the coffee table, so she raised her legs to Shen Huai's body, took a few sips happily, and said, "This cigarette is not bad..."

When Sun Yalin returned to the hotel here, she changed into jeans and stretched her legs outwardly. Although Sun Yalin raised her legs unscrupulously, Chen Huai still didn't dare to touch her.

Sun Yalin took two puffs of cigarettes, returned them to Chen Huai, and then said:

"After taking over Xucheng's oil refining, Meigang can only obtain a crude oil import quota of 600,000 tons. The current domestic energy policy will only get tighter and tighter in terms of crude oil extraction and import, and it is impossible to further relax, so Meigang should not expect to approve more quota."

"Now, North China, Northeast China and other places have countless large and small refining plants that have emerged on large oil fields. This approval document does not reflect any value. Xucheng refining used to think that the cost of importing crude oil from overseas is too high and abandoned it. But after the domestic economy develops another two years, you can look back at the value of this approval document. Now the increase in domestic crude oil mining has obviously not kept up with the pace of economic development. Before the discovery of large new oil fields in China, the domestic economy's dependence on overseas crude oil will increase year by year..."

"No matter how high the value is, it is only a limit of 600,000 tons per year, which can only fill the gap in Zhunan refining and chemical project," said Sun Yalin. "Once a larger refining base is built in Xinpu, three million tons of crude oil can only be purchased from two companies, PetroChina and Sinopec. The refined fuel is sold in China and is subject to strict price restrictions, and the refining business can hardly see the prospect of profitability. Yexin gave Xinpu Refining and even Xinpu Port a high-risk evaluation. My father and I called London and Paris, and I also felt that this step was too big. Wei Fenghua and others were more concerned about the construction of Zhunan refining and chemical project, and they didn't even mention the Xinpu Refining and Chemical Project. It can be seen that they still have their own judgment on the future market..."

"The domestic refining and chemical production capacity is mainly concentrated in North China and Northeast China. These refining plants, like Xucheng oil refining before, have problems such as aging equipment and relatively backward processes. The more critical one key point is that in the future, the refining and chemical production capacity of fuel and petrochemical raw materials is the most important in the future. Huaihai Bay is at the junction of these two major regions, and actually occupies a geographical advantage. Although a three-million-ton refining line can be completed by one billion, if you really want to invest only one billion to buy some unstable operations, you have to invest only one billion to buy some of the unstable operations. Old equipment is really likely to fall into it. If we start by magnifying investment and putting on high-standard refining lines, even if it is refining, I think there is a profit expectation. What we need to work hard in the future is to see how much higher than the domestic average. If we can only reach the average level, the probability of loss is extremely high, but what if we can do better? We are now spending 3 billion to do a brand new refining project. If we can't achieve the average level of Sinopec, we really don't have to do it."

"You have a lot of confidence, but the peripheral funds should judge whether they should enter the market according to the industry average. You have no temper even if you say this." Sun Yalin said.

Chen Huai sighed lightly and said, "The domestic fuel price cannot be relaxed in the medium and short term, making this area a strictly controlled closed market. The risk of entry is indeed very high, but the market for chemical raw materials is liberalized. Don't look at the current sluggish petrochemical raw materials market, but there has been a significant change in the past two years, and some people have not realized it yet..."

"What changes?" Sun Yalin asked.

"The domestic import of overseas crude oil has also gradually increased since the previous year. In 1995, the total domestic oil extraction volume exceeded 140 million tons, and imported crude oil was about 8 million tons, accounting for a small proportion. The data from 1996 has not yet come out, but according to the collected information, it is normal for crude oil imports to surge to 25 million tons in 1996. Although most of the crude oil import channels are controlled by CNPC and Sinopec, the import volume of crude oil surged, and the domestic crude oil supply gap is rapidly amplifying, indicating that the domestic demand for fuel and chemical raw materials has surged. The chemical raw material market with price restrictions will have great potential. We do refining, reducing fuel output, increasing the output of chemical raw materials such as ethylene, and then driving the development of downstream refining and chemical industry clusters. The overall risk is controllable..."

"The local capital power of Huaihai Province is still too weak." Sun Yalin sighed.

Chen Huai grinned and laughed silently.

This time, the additional issuance of local securities institutions and related enterprises in Xucheng City will issue more than 300 million yuan to subscribe to 100 million shares, but we cannot think that the local capital potential can be tapped.

The securities institutions and related companies in Xucheng City participated in this subscription mainly because they held a large number of circulating shares of Xucheng Oil Refining, which had been trapped in the past. They now have to help Meigang to continue to develop the operas of Dare Refining, Dare Steel, and Dagang, and then sing them well to stimulate the continuous increase in stock prices. Only then can the circulating shares they held before have the opportunity to get out of the trap.

After all, they are using small money to get rid of big money.

On the other hand, the local securities institutions in Xucheng City that participated in the subscription this time are all state-owned enterprises under Huaihai Province or Xucheng City. Xucheng City local governments promote local state-owned enterprises to participate in the subscription. The funds raised more will also be used to expand the scale of Zhunan refining and chemical project, and will also expand the local tax sources in Xucheng City.

After the Zhunan Refining and Chemical Project is completed, the entire refining and chemical industry chain can increase the tax source of more than 100 million yuan for Xucheng every year. This is nothing more than a cost-effective transaction for the local government.

In addition to this, it is not realistic to ask Xucheng City to pay an extra 10 million for the construction of Xinpu Port; Xu Pei is hiding behind it, and he is not a fool.

Chen Huai speculated that Xu Pei asked them to expand the scale of Zhunan refining and chemical project, which actually reduced the possibility that they would start the refining project at the same time in Xinpu.

Now, the Xinpu refining and chemical project is not only short of money, but also lacks people, and Chen Huai can only smile bitterly for a moment.

Sun Yalin sucked her mouth and said, "Some people are timid and dare not get involved in the Xinpu Refining and Chemical Project, but Meixi Industrial's circulating shares may not make them excited. If I transfer all the more than 100 million outstanding shares controlled by Zhongxin, I can almost get the start-up capital of the Xinpu Refining and Chemical Project..."

"Will it be a big loss if you transfer it now?" Chen Huai asked.

After the implementation of the backdoor plan, in addition to indirectly holding shares in the listed company Meixi Industrial through Meigang Group, CITIC will also directly obtain 160 million shares of the listed company's outstanding shares. According to the additional issuance price, the market value of these stocks exceeds 500 million.

It is still possible to transfer these outstanding shares to 500 million yuan in funds and launch the Xinpu Refining and Chemical Project in advance, so that some things can be done first without wasting time.

However, considering that some small and medium-sized projects with small assets but considerable profits will continue to be loaded into listed companies to support the continued rise in stock prices. CITIC will now package these outstanding shares and transfer them, which will be a great loss.
Chapter completed!