30 July 2009 10:23 [Source: ICIS news]
SHANGHAI (ICIS news)--Yuanxing Energy and China Coal Energy have begun construction of a joint-venture 600,000 tonne/year coal-to-methanol plant in Inner Mongolia, north China, a source close to Yuanxing said on Thursday.
The cooperation agreement for the new plant was signed on Monday and construction started the following day, sources from the two companies said.
The new plant was being built at the site of Mengda New Energy, a subsidiary of Yuanxing Energy, the source at Yuanxing said.
"The start-up date of the new plant cannot be confirmed now as fluctuating crude prices impact on all the petrochemical production, including methanol, so we have to consider the risks on the profit side," the source added.
Yuanxing Energy and its subsidiary Mengda New Energy are located in Inner Mongolia. China Coal Energy is based in Beijing.
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