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According to Jutai New Materials, on February 4, 2021, the company held a meeting to summarize its work for the year 2020. In 2020, the ethylene glycol project of the new materials company successfully completed the production of water by the water treatment unit, the ignition and heating-up of Boiler No. 1 in the power area, as well as the lifting of large-scale equipment for the methanol plant, thus fulfilling the construction tasks effectively. The goals for 2021 are to complete the purging of the \"4.30\" pipeline, start methanol production by \"9.30\", and conduct trials for formaldehyde production by \"12.30\”. Inner Mongolia Jiutai New Materials Co., Ltd. was established in March 2017 and is located in the Tuoketuo Industrial Park in Hohhot, the capital of Inner Mongolia. The company’s total land area is 2,565 mu, with a total investment of 11.7 billion yuan. The construction scale of the company’s first-phase project is an annual production capacity of 1 million tons of ethylene glycol. The project utilizes aerospace powder gasification and Shell gasification technologies, low-temperature methanol washing technology, as well as the world-leading formaldehyde hydroxycarboxylation technology from Davy Company to produce ethylene glycol. The project construction period is 3 years, with trial operation in 2020 and full production starting in 2021. After going into production, annual sales can reach 10.6 billion yuan, with profits and taxes amounting to 3.66 billion yuan.