31 August 2010 09:25 [Source: ICIS news]
SINGAPORE (ICIS)--Dalian Institute of Chemical Physics (DICP) plans to start up its new methanol-to-olefin (MTO) project at Jiaxing in Zhejiang province in 2012, a source from the Chinese institution said on Tuesday.
DICP would invest a total of yuan (CNY) 12bn ($1.76bn) in the project. The institute had earlier on 30 August signed a licensing agreement with the local municipal government to begin construction, said the source.
However, the source was unable to provide further details about the project’s construction schedule.
“The MTO project would boost the domestic methanol market as the average operating rate in that sector is currently at just around 40%,” the source said in Mandarin.
The project was expected to generate an estimated CNY50bn in revenue within five years of starting up, said the source, who added that the ethylene and propylene output would be supplied to local producers in the China Chemical New Material (Jiaxing) Park.
DICP is a multidisciplinary institute that focuses on the research and development of chemistry and chemical engineering. It is located at Dalian in China’s Liaoning province.
($1 = CNY6.80)
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