Baofeng Energy: Plans to invest 67.3 billion yuan in building a 4×10 million tons per year coal-to-olefins demonstration project

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Baofeng Energy: Plans to invest 67.3 billion yuan in building a 4×1000,000-ton-per-year coal-to-olefins demonstration project – Original article by eCompany, 07-03-2021, 14:27:03. According to a statement released by Baofeng Energy (600989) on the afternoon of March 7, the company intends to use its subsidiary Inner Mongolia Baofeng Coal-based New Materials Co., Ltd. as the investment entity to develop a 4×1000,000-ton-per-year coal-to-olefins demonstration project in the Tuk Industrial Zone of the Sulihe Economic Development Zone in Wushen Banner, Ordos City, Inner Mongolia Autonomous Region. The total investment for the project is 67.3 billion yuan, of which 62.5 billion yuan is allocated to construction costs (including value-added tax). The funding for the project comes from 30% in the form of the company’s own funds, while 70% is financed through bank loans or other means, ensuring the smooth progress of the project’s construction. The project aims to be completed by 2023.