China’s Baotailong and LongMay sign JV to build MTO project

04 January 2012 05:13  [Source: ICIS news]

SINGAPORE (ICIS)--China’s Baotailong has signed a joint venture (JV) with Heilongjiang LongMay Mining Group Co Ltd to build a 1.2m tonnes/year coal-based methanol project and a 600,000 tonnes/year coal-based olefins project, a company source said on Wednesday.

Feedstock coal to the project located in Shuangyashan in north-eastern Heilongjiang province will be supplied by LongMay according to the JV, the source said.

Baotailong has a 65% stake of yuan (CNY) 2.6bn ($41.3m) in the JV, while LongMay Group holds the remaining 35% shares of CNY1.4bn according to the agreement signed between the two companies on 29 December 2011, the source added.

(1$ = CNY 6.29)

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By: Rachel Yang

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