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Baofeng Energy will have a methanol production capacity of 6 million tons per year by the end of 2022. Author/Source: Date: 2022-11-05 Clicks: 8. On November 4, Baofeng Energy responded to investors’ questions regarding its methanol production capacity, stating that the company’s current capacity is 4.4 million tons per year, with a third-phase project aiming to add another 1.5 million tons per year; by the end of this year, the company will thus have a total methanol production capacity of nearly 6 million tons per year. When asked about its business activities related to clean energy, Baofeng Energy replied that during the 14th Five-Year Plan period, the installation of photovoltaic systems will primarily serve to support the company’s hydrogen production projects through water electrolysis; the company is currently adopting a strategy that combines photovoltaic power generation with water electrolysis for hydrogen production. Furthermore, the company stated that the utilization rate of its coal chemical plants is currently above 100%, indicating good capacity utilization efficiency. As the company’s Phase 3 olefin project in Ningdong, Phase 4 olefin project, and olefin project in Inner Mongolia come online one after another, the olefin production capacity will be five times that of the current level, thereby further enhancing the company’s position and competitiveness in the industry.