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Baofeng Energy signs a 30-billion-yuan strategic cooperation agreement with the Inner Mongolia branch of Industrial and Commercial Bank of China! Author/Source: Yahuahua Coal Chemical Industry Date: 2020-10-15 Clicks: 16 On October 14, Baofeng Energy Group Co., Ltd. and the Inner Mongolia Branch of Industrial and Commercial Bank of China signed a comprehensive strategic cooperation agreement with the Ordos Municipal Party Committee. Niu Junyan, Secretary of the Ordos Municipal Party Committee; Jin Wu, Vice Mayor; Shi Liang, Secretary-General; Dang Yanbao, Chairman of Baofeng Energy; Li Feng, Secretary of the Party Committee and President of the Inner Mongolia Branch of Industrial and Commercial Bank of China; Qu Xiangze, Vice President, and others attended the signing ceremony. Ordos City has attracted Baofeng Energy Group to invest 67.3 billion yuan in the development of a \"high-end coal-based new materials circular economy industry\" project. This is the largest single-investment project in Ordos City in recent years, setting a new record for investment volume in the region. The Inner Mongolia Branch of Industrial and Commercial Bank of China plans to provide credit support to Baofeng Energy Group through a syndicated loan arrangement. It is reported that Baofeng Energy Group is a leading enterprise in China for the production of high-end coal-based new materials and chemicals. It has established an internationally advanced coal-based integrated production circular economy industrial cluster in Ningxia, setting a benchmark in the industry for using coal as a substitute for oil to produce high-end chemical products. To further implement its **energy strategy**, Baofeng Energy has decided to invest in the construction of a 4×1000,000 tons/year coal-to-olefins project in the Tuk Industrial Park, Wushen Banner, Ordos City, Inner Mongolia. Adhering to the green and sustainable development concept of \"resource conservation and environmental friendliness,\" the project utilizes the world’s most advanced processes, technologies, and equipment. Both the single unit (1 million tons per year coal-to-olefins plant) and the individual facilities (4 million tons per year coal-to-olefins plants) set new global records in terms of scale, becoming the largest of their kind in the world. The project design incorporates advanced technologies such as 5G to create a \"smart factory\" based on artificial intelligence and industrial interconnection, thereby bringing about a transformative change in traditional coal chemical industries. It aims to become a world-class model for the clean and efficient utilization of resources through technology. The preliminary work for this project has progressed smoothly; the first phase of the project, with a capacity of 2.6 million tons per year, has been approved. Once the entire project is operational, it is expected to generate annual sales revenue of around 40 billion yuan and tax payments of nearly 5 billion yuan, while also providing employment for over 10,000 people in the local area. It will strongly boost the development of regional new material industry clusters, drive high-quality transformation and upgrading in the sector, and make new contributions to reducing China’s reliance on imported high-end chemical products and ensuring **energy security.