13 August 2010 05:39 [Source: ICIS news]
GUANGZHOU (ICIS)--Chinese oil major Sinopec plans to invest around yuan (CNY) 15bn ($2.2bn) on a coal-based methanol-to-olefin (MTO) project at Hebi city in ?xml:namespace>
A framework agreement on the project was signed between Sinopec and Hebi city government last Tuesday, said the official.
The project includes a
“The polyolefin plant would likely consist of a 300,000 tonne/year polyethylene (PE) unit and a 300,000 tonne/year polypropylene (PP) unit,” the source said, adding that other downstream plants may be included.
“Final investment amount may vary from the initial proposal of CNY15bn, depending on which downstream units would be built,” he added.
Preliminary works on the project, including environment assessment, feasibility study and designing, were expected to be completed and sent for government approval this year, according to the source.
Project construction would last around three years, he added.
Feedstock coal would be supplied by Henan Coal Chemical Group, according to the source.
Sinopec sources were not immediately available for comments.
($1 = CNY6.77)
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|