Coal-Based Methanol Project Starts Construction

The 2.0 million t/a coal-based methanol and olefin project funded by Hong Kong Zhongyi (Chinese Phoneti Alphabet) Group started construction in Dongsheng District, Erdos, Inner Mongolia on Sept. 1.       The project has a total investment of RMB10 billion. The first phase includes a 200 000 t/a coal-based methanol unit. After the completion of the first phase, the sales revenue will be RMB290 million and the profit can reach RMB130 million a year. The second phase includes a 1.8 million t/a coal-based methanol unit and a 600 000 t/a olefin unit and will be launched before 2007.      Zhongyi Group is a multinational industrial consortium established by the Citibank of the United States and the National Bank of Sweden. It has already set up 12 companies in the world and has strong economic standing and rich industrial investment experience.      Erdos Menghua Energy Co., Ltd. established by Zhongyi Group will undertake the execution of the project.