China firms to build $881m coal-to-chems project

31 July 2008 06:59  [Source: ICIS news]

SHANGHAI (ICIS news)--Two China-based companies have invested yuan (CNY) 6.02bn ($881m) in a coal-to-chemical project at Hegang city in Heilongjiang province, said an executive of LongMay Mining Group on Thursday.

The new Xinhua project would have the capacity to produce 600,000 tonnes/year of synthetic ammonia, 1.04m tonnes/year of urea and 300,000 tonnes/year of methanol, the source added.

 The two companies LongMay Mining Group and Beitai Iron& Steel Group would hold 51% and 49% stakes in the new firm.

The project was expected to be completed in 2011 and was estimated to earn an annual revenue of CNY2.01bn/year once it begins commercial production, added the source.

LongMay Mining Group is located in Hegang city of Heilongjiang province while Beitai Iron& Steel Group is in Benxi city of Liaoning province.

($1=CNY6.83)

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By: Dolly Wu
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