Kingboard to build Inner Mongolia methanol plant

09 August 2007 11:25  [Source: ICIS news]

SINGAPORE (ICIS news)--Kingboard Chemical said it will invest in a methanol project in China by acquiring a major stake in Hong Kong-listed G-Prop Holdings.

 

Kingboard will pay Hong Kong dollar (HK$)120m ($15.3m) for a 36.5% stake in G-Prop which planned to buy a Chinese firm for yuan (CNY) 60m ($7.9m), both companies said in statements to the Hong Kong stock exchange late on Wednesday.

 

The Chinese company, Inner Mongolia Yize Mining, planned to build a coal-based methanol plant at Erdos, Inner Mongolia province, the companies said, but did not provide investment cost, capacity and a start-up date.

 

Yize Mining also planned to apply for rights to explore a coal mine near the project, they added.

 

Kingboard is building several methanol plants in China and it also co-owns a 600,000 tonne/year unit at Hainan province with China National Offshore Oil Corp (CNOOC).

 

($1=HK$7.83/CNY7.58)

By: Florence Tan
+65 6780 4359

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