"All the conditions you put forward have been passed, have you promised not to change the conditions?" Sioux asked a stupid question. If the conditions put forward are all passed, isn't that an agreement? Why change the conditions?

If you want to change the condition, why wait until the condition is passed?

It has been more than a year since Formosa Plastics was proposed, and during this time, they have had time to revise the conditions but have not revised them. In fact, if historically, they had two years to revise the conditions, so why wait until the Chinese top brass agreed to the conditions?

The only explanation is that Formosa is dragging its feet.

In order for the Six Light Plan to pass, they need a Haicang Plan as a bargaining chip to force the politically commanding Taiwan authorities to agree. However, if the Haicang plan is really passed, then the six lights will be useless.

Sioux City speculated that Formosa Plastics' real goal should still be the six-light plan proposed in 1973. All actions during this period, including the Haicang Plan, were in the service of the Six Light Plan.

However, Sioux City didn't want Formosa Plastics to keep delaying.

If it succeeds, it will be done, and if it is not done, it will be scattered, so why waste everyone's time.

Director Mao didn't expect such a serious possibility, he nodded to Su Cheng in gratitude, turned his head and asked Wang Yongqing: "Chairman Wang, does Formosa Plastics intend to change the conditions?"

Everyone stretched their necks and looked at Wang Yongqing.

Wang Keling not only looked at his grandfather in surprise, but also looked at Su Cheng in surprise.

Maybe a minute, maybe two minutes, Wang Yongqing said softly: "If the mainland agrees to our conditions, Formosa Plastics will definitely take it seriously." ”

He is not good at lying, in case this is a trap and the mainland immediately agrees to the conditions, won't he become a renegade on his promise. The agreement is not good to change before it is written, but it is always said that in the past, how easy it is to change the promise.

Chinese officials were stunned that it was really possible to revise the conditions after agreeing.

It is normal for the two sides to confirm the previous revisions, and isn't the negotiation just about talking about conditions? If one party agrees to the other's conditions, and the latter modifies them, the scene will not look good. As far as Director Mao is concerned, the decision was made after a heated discussion at the top level, and then suddenly told them that they were going to talk again, isn't this pulling their own eggs?

Director Mao didn't care about Su Cheng and asked, "Chairman Wang, the conditions we are considering now." Isn't that what Formosa Plastics wants?"

"Things have changed and I'm still thinking about it. Wang Yongqing said incomprehensibly: "There is such a possibility." ”

Director Mao was extremely disappointed and said: "I must inform the leading group of the new situation. ”

Wang Yongqing returned to sleeping with his eyes open.

Sioux City is actually a little disappointed, the Haicang plan is still sliding along the historical trajectory, but the trajectory is revealed. However, things themselves have not changed.

Su Cheng sighed deeply. At this point, there's really nothing to ask. Even Director Mao didn't have the intention to say hello, so he left in a hurry with a simple handshake and reported to the authorities.

This concludes the meeting.

Sioux City also said goodbye. The Haicang Plan is a plan between the government and Formosa Plastics, and Dahua is only one of the people in the middle, and there is no essential difference from Taiwan's factories that rely on petrochemical bases. He now used up his only chance to play. I can only wait quietly for the results.

Back at the Diaoyu Guotai Hotel, no one went back to their rooms. Sitting or standing in the living room.

Su Cheng looked at it and smiled, "What's wrong with all of you?"

"Su Dong, if the Haicang plan is stopped, shall we continue?" Chen Zunian was the first to ask. A few days ago, everyone believed that the Haicang plan could be carried out because of the affirmation and support of the central leaders and the participation and planning of the government. But. Today's onlookers tell them that in the economic field, the central leadership may not be effective.

Formosa Plastics dares to play on both sides of the Taiwan Strait. It is not surprising to Europeans and Americans, but it is somewhat surprising to mainlanders. In addition to the economy, there are also political factors, geographical factors, in the eyes of Chen Zunian and others, whether there is a Haicang plan for Formosa Plastics is different.

Su Cheng expected it, and he affirmed for the second time: "Whether Formosa Plastics continues or not, we will continue." This is the established policy. ”

"We can't come up with $7 billion, right?" asked Liu Qiu stupidly.

Su Cheng replied helplessly: "I can't take it out now." But we don't have to build Formosa Plastics on such a large scale. ”

"How much can you take out?" Except for Liu Qiu, no one else would ask like this.

Su Cheng looked at Xu Feng.

The latter hesitated for a moment and whispered: "The group's cash reserves are between $20 million and $30 million, and there is a large amount of oil futures. ”

Speaking of oil futures, Sioux City said, "The futures are worth about 180 million. Until yesterday. ”

The war had not yet begun, and Kuwait had already been occupied. The oil futures market is changing more or less in response to various resolutions of the United Nations and the United States. It is conceivable that the changes produced by these resolutions are not large enough, and the price of oil will eventually fall little by little until the multinational force is fully deployed.

Sioux City was so impressed with this timing that it only kept an eye on the futures market and didn't really get involved.

Others think it's simple hedging, which is what oil traders do most often, locking in their profits through the futures market to avoid uncontrollable risks. It is equivalent to a long-term supply contract signed with the futures market, which is very convenient.

Zhong Zhigen calculated and said, "If you mortgage Dahua Industrial, you can get about 200 million US dollars." There may be $1 billion in oil fields, but ......"

"You can't mortgage the oil field. Chen Zunian and others dissuaded one after another. Liu Qiudu agreed: "The Setan oil field is a hen that lays golden eggs, and Haicang's big ethylene...... Although it is also a hen that lays golden eggs, it is not always so cost-effective......"

Naturally, the profits of the petrochemical industry cannot be compared with crude oil production. The latter can be much more demanding than financial and technical.

Zhong Zhigen added: "Even if you add oil fields, it is not enough. $1.4 billion is a desperate gamble, and it is not enough to make a big ethylene project, let alone a supporting refinery. ”

Hearing this, Liu Qiu whispered: "If the funds are not enough, Formosa Plastics withdraws, what else can we do? Will the state lend us money?"

"Just now the state loan has been counted. Zhang Chao reminded.

A group of people sat there and began to meditate.

Sioux City went back to his room very inauthentically. He wasn't particularly worried about money, and he had made a lot of excess profits from the Setan field after months of high crude oil prices. Next. As the price of crude oil falls, he can also reap the benefits of the futures market. Moreover, the petrochemical base was not built in a day. For an investment project of $7 billion, the initial amount may only be tens of thousands of dollars, and the important thing is a continuous supply of funds.

In this regard, the foundation of Dahua Industry is very good.

However, no one in the Dahua Industrial Group sees the futures market as a channel to make money. As far as experience is concerned. There are not many large companies involved in financial casinos that get lucky.

Therefore, everyone is thinking first about the means of bank financing, and secondly, selling assets or borrowing money - needless to say, it is extremely difficult to leverage $7 billion with $1 billion.

Zhang Chao was already thinking about how to persuade Su Cheng to give up. A debt ratio of 90% is a terrible thing, except for enterprises like the Ministry of Railways, it is difficult for ordinary enterprises to afford. Companies whose financial costs account for the majority of their expenses will have a hard time turning a profit.

All people are thinking, based on what they know. And make a decision.

It's not easy for everyone.

In the evening. When everyone was about to rest, Director Mao personally called to inform: "Chairman Su, please go to Building 6 tomorrow to discuss the Haicang plan." ”

Su Cheng suddenly woke up from his drowsiness: "Who is participating?"

"The Ministry of Energy, Sinopec, PetroChina and CNOOC. ”

"These four again?"

Director Mao said helplessly: "Which more do you want?" However, there are disagreements within the Ministry of Energy, with Sinopec being more interested in petrochemical bases, and PetroChina and CNOOC being more opposed. The Department of Energy mainly does guidance, you just know it. Oh, and now to add Dahua. ”

Before the reform of state-owned enterprises in 1998. The division of labor between Sinopec and PetroChina is very clear, PetroChina mainly focuses on the upstream of the oil industry, from geophysical exploration to drilling to oil production, and also has a certain oil refining business. PetroChina began to include the downstream industrial chain from the oil refining business, producing petrochemical products such as ethylene and methanol, and using ethylene and other petrochemical products to produce petrochemical commodities such as polyethylene...... Therefore, in 1990, PetroChina had neither a petrochemical industry chain nor the idea of entering the petrochemical industry, so it was somewhat wishful thinking for them to pay for the plan to save Haicang. CNOOC, as well as the coal and power represented by the Ministry of Energy, do not want to get involved in the petrochemical industry.

Sioux City thought about it, "We're much smaller than they are. ”

"Small but flexible. Director Mao laughed twice

"What about the proportion?" Su Cheng remembered that when bidding for the oil field, Dahua Industrial received a pitiful 5%.

Director Mao probably heard this story, and immediately said: "It will be decided according to the proportion of capital contribution." We assume that the initial investment is 7 billion US dollars, 700 million US dollars a piece, there is 10%, and the proportion of capital contribution can be given priority by Dahua. If there is a financial difficulty, we can also arrange for the bank to intervene. However, all of this is based on the premise that Formosa Plastics abandons the Haicang plan, and if there is an opportunity, we still have to actively promote this matter. ”

His phone call itself was already a nudge.

Sioux City thought silently. The so-called arrangement for the bank to come forward is the nature of the mortgage loan, and with the scale of Dahua Industrial, it is good to get 20% of the two shares. Of course, 20% of such a large petrochemical project is indeed a lot, and many international giants will also consider reducing the proportion of shares to reduce the risk when building a new large-scale petrochemical base. Formosa Plastics is more eccentric because of Wang Yongqing's relationship, and they have always liked to be sole proprietors.

Thinking of Formosa Plastics, Su Cheng couldn't help but say: "If CNOOC and PetroChina are not involved, but only Dahua and Sinopec, will there be enough funds to replace Formosa Plastics?"

"This, it depends on the determination of Sinopec, they do have a lot of projects to do. "Director Mao doesn't dare to take it all over. (To be continued)