China Overseas Chemical's 800,000-ton methanol project starts construction

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After three years of careful planning and active preparation, the 800,000-ton methanol project, with an investment of nearly 1 billion yuan, broke ground this morning in Dongfang Chemical City. It has become the flagship project of our province’s industrial projects this year. It will also inject strong impetus into the economic development of our province that has been affected by the international financial crisis. Secretary of the Provincial Party Committee, Provincial * * * * Wei Liucheng, director of the association, issued the order to start construction. Luo Baoming, deputy secretary of the provincial party committee and governor, and Fu Chengyu, general manager of CNOOC, delivered speeches respectively. Provincial leaders Xu Jun, Li Guoliang and Zhao Lisa made speeches respectively. * At the groundbreaking ceremony, Wu Zhenfang, deputy general manager of CNOOC, presided over the ceremony. The 800,000-ton methanol project is invested and constructed by CNOOC Petrochemical Co., Ltd. It is a downstream supporting project for the development of Ledong Gas Field. According to the overall project schedule, it will be put into production at the end of October 2010. Since the natural gas in the Ledong gas field has the characteristics of high nitrogen, high carbon dioxide and low calorific value, the project adopts the most advanced methanol manufacturing process in the world, which has the characteristics of low energy consumption, short process, less equipment, small footprint and high economic added value. The project is designed to produce 2,500 tons of methanol per day. The total energy consumption per ton of methanol is far lower than the energy consumption index of domestic medium-sized methanol plants. Its comprehensive energy consumption has reached the current advanced level of international large-scale methanol plants, and its product quality standards can meet the U.S. federal "AA" level standards. According to reports, the biggest highlight of the project is that it can rationally utilize the high carbon dioxide content of natural gas in the Ledong gas field, and effectively solve the contradiction of more hydrogen and less carbon in the synthesis gas during the production of methanol. In this way, it can not only save natural gas consumption, but also * * To reduce carbon dioxide emissions, it is calculated that more than 250,000 tons of carbon dioxide are consumed every year. Therefore, the production of methanol is determined to be the best utilization plan for Ledong natural gas, and its environmental benefits are much higher than those for power generation and civilian use. In his speech, Luo Baoming first expressed his gratitude to CNOOC for its support and help to Hainan over the years. He pointed out that the project started today will strongly boost our province's economic growth and enhance our province's economic development potential. Luo Baoming emphasized that affected by the intensifying international financial crisis, the current domestic and international economic situation is complex and changeable, and Hainan's development is also facing new challenges and pressures. In the face of difficulties, confidence is more important than anything else. Under such circumstances, the successful start of construction of CNOOC's 800,000-ton methanol project is of extraordinary significance to Hainan. It sent a very strong signal, that is, large enterprises are full of confidence in Hainan’s investment development and future prospects. * * Firm determination for development and the eager expectations of the Hainan people. Luo Baoming expressed his belief that the start of construction of the 800,000-ton methanol project will play a positive leading role and further enhance the confidence index of investing in Hainan. On November 5, the State Council Executive Meeting decided to adopt a proactive fiscal policy and a moderately loose monetary policy. By the end of 2010, approximately 4 trillion yuan will be invested to leverage domestic demand, comprehensively implement the value-added tax transformation reform, reduce the burden on enterprises by 120 billion yuan, and actively respond to the crisis. It is foreseeable that more large companies will invest in and build Hainan. Luo Baoming said that the provincial party committee and provincial * * We will do our best to serve project construction and do everything possible to solve problems for enterprises. He also hopes that China Overseas Chemical Company and all participating units will use a high sense of responsibility, meticulous organization, and scientific management to speed up the progress of project construction, strengthen project quality, safety, and environmental protection management, and create high-quality projects and ecological projects. Fu Chengyu said in his speech that the 800,000-ton methanol project is an important measure for China Blue Chemical to strive to save energy and reduce emissions, develop a circular economy, and vigorously support local economic development. He pointed out that from project demonstration to project establishment, from approval to start of construction, Hainan Provincial Party Committee and Provincial Committee * * have given great attention and strong support, and all levels of * * Demonstrating good execution ability, it can be said that this project is an opportunity for both Hainan and CNOOC to assess the situation and conscientiously implement it. * * industrial policies, give full play to their respective advantages, and strive to achieve the crystallization of sincere cooperation. Fu Chengyu hopes that China Shipping Chemical, as the project construction unit, will scientifically organize the construction, strive to overcome the current adverse macroeconomic factors, speed up the construction progress, ensure the project quality, strive for the project to be completed and put into operation as soon as possible, achieve both economic and social benefits, and make new contributions to Hainan's economic and social development.