25 August 2008 08:47 [Source: ICIS news]
SHANGHAI (ICIS news)--China’s Hanergy Holdings Group plans to build a 7.2m tonne/year methanol complex for yuan (CNY) 38.5bn ($5.62bn) in collaboration with the local government at Shuangyashan city in northeastern Heilongjiang province, a local government official said on Monday.
"Hanergy has the advanced technology, and we have rich coal resource for feedstock, so we collaborate and develop the large project," the source added in Mandarin.
The project would be built in two phases with construction of a 1.2m tonne/year plant scheduled to begin at the end of this year at a cost of CNY6.5bn, the source said, adding that the unit was expected to come on stream in August 2011.
"In the second phase, we will invest CNY32bn to build a 6m tonne/year facility," the source said. The construction schedule for the second unit had not been decided yet, he added.
"When the large methanol complex is completed, we will develop some derivative products in a bid to drive local economy substantially," he said.
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