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Announcement by Ningxia Baofeng Energy Group Co., Ltd. regarding the approval of the environmental impact assessment for the 3 million tons per year olefin production project in Inner Mongolia. Author/Source: Baofeng Energy. Date: November 25, 2022. Clicks: 6. The board of directors of our company and all its directors guarantee that there are no false records, misleading statements, or significant omissions in the content of this announcement, and they assume individual and joint responsibility for its accuracy, correctness, and completeness. On November 23, 2022, the Ministry of Ecology and Environment of the People’s Republic of China issued the “Reply on the Environmental Impact Report for the First Phase Project of Inner Mongolia Baofeng Coal-Based New Materials Co., Ltd., which involves the production of 2.6 million tons per year of olefins from coal, along with a complementary project for the coupled production of olefins using 400,000 tons per year of green hydrogen” (Document No. Huan Shen [2022] 183). This approval permits Inner Mongolia Baofeng Coal-Based New Materials Co., Ltd., a holding subsidiary of Ningxia Baofeng Energy Group Co., Ltd. (hereinafter referred to as the “Company”), to construct the aforementioned projects in the Tuk Industrial Park within the Suguqi Economic Development Zone, Wushen Banner, Ordos City, Inner Mongolia. The project employs a combined production process using green hydrogen and modern coal chemical technology, with an overall olefin production capacity of 3 million tons per year. It is currently the largest coal-based olefin production facility in the world, and it is also the only project globally that uses green hydrogen on a large scale to replace fossil fuels in olefin production. The project is scheduled to be completed and put into operation within 18 months, after which Baofeng Energy’s total olefin production capacity will increase significantly to 5.2 million tons per year.