Successful signing of the agreement for the comprehensive utilization of exhaust gases from Qinghai Damei Coal Industry in the production of olefins, along with a loan commitment of 1.5 billion yuan from the Agricultural Bank of China’s Qinghai branch

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Successful signing of the project for the comprehensive utilization of exhaust gases from Qinghai Damei Coal Industry to produce olefins, along with a loan agreement worth 1.5 billion yuan from the Agricultural Bank of China’s Qinghai branch. Author/Source: Coal Chemical Industry 114 Forum. Date: May 17, 2020. Clicks: 8. On the afternoon of May 14, a meeting was held in Xining to implement the policies and measures aimed at supporting enterprises in resuming operations, to handle the approval and financing for major projects, as well as to conduct negotiations for attracting investment. The exhaust gas comprehensive utilization project for the production of olefins at Qinghai Damei Coal Industry is a key project under Qinghai Province’s 13th Five-Year Plan. It represents a landmark initiative taken by the Qinghai Provincial Party Committee and government to deepen supply-side structural reforms, accelerate industrial transformation and upgrading, and promote the high-quality development of the province’s chemical and new materials industry. This project embodies the confidence and hopes for the high-quality growth of Qinghai’s chemical and new materials sector. The successful signing of the 1.5-billion-yuan loan agreement between Da Mei Coal Industry and the Qinghai Branch of the Agricultural Bank marks a significant breakthrough in the financing for Da Mei Coal Industry’s project aimed at utilizing exhaust gases to produce olefins. This will provide additional financial support and assurance for completing the infrastructure construction of the project. Next, Damei Coal Industry will, through close cooperation with bank consortium members such as the Qinghai Branch of the Agricultural Bank of China, and by leveraging the policy support available for major projects across the province, bring more financial resources into the project construction. By taking stronger measures and overcoming challenges proactively, without waiting for external assistance, the company will accelerate efforts to resolve its financing issues. It will also intensify management in areas such as safety and environmental protection, completion of infrastructure works, and production preparation, in order to advance project construction with high standards and efficiency. The construction of the Qinghai Damei Coal Industry’s waste gas comprehensive utilization project for olefin production requires an investment of 12.7 billion yuan. The project is located in the western area of the Ganhe Industrial Park within the Xining Economic and Technological Development Zone in Qinghai Province. Its capacity includes 1.8 million tons per year of olefins produced from methanol, 300,000 tons per year of polyethylene, 400,000 tons per year of polypropylene, along with the necessary utility systems, auxiliary facilities, and external infrastructure. The project uses MTO-grade methanol as raw material, and through production units such as methanol to olefins, olefin conversion, MTBE/1-butene, polyethylene, and polypropylene, it produces polyethylene and polypropylene products, with MTBE and C4/C6 as by-products. The MTO combined unit in this project utilizes the DMTO technology developed by the Dalian Institute of Chemical Physics, Chinese Academy of Sciences, and was EPC-general contracted by Sinopec Luoyang Engineering Co., Ltd.