【Information on Haichuan Chemical Project】Qingyang in Gansu will build a new chemical project for the deep processing of natural gas, with a total investment of 11.2 billion yuan

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On the evening of October 9, 2020, Zhejiang Changhong Biomaterials Co., Ltd., a subsidiary of Changhong High-Tech, planned to sign a Project Investment Agreement for the Advanced Processing of Natural Gas in Xifeng District, Qingyang City, with the local people’s government. Changhong Biomaterials intended to invest in this project by establishing a wholly-owned subsidiary named Gansu Changhong Chemical New Materials Co., Ltd. The total investment for this construction project amounts to 11.2 billion yuan. The project will be carried out in two phases over four rounds, with a total construction period of 8 years. The construction period for Phase 1 is four years (2023–2027), and the initial investment for Phase 1 is 3 billion yuan. The project construction includes 4 × 50,000 tons/year acetylene plants, 6 × 240,000 tons/year formaldehyde plants, 4 × 150,000 tons/year BDO plants, 2 × 150,000 tons/year PBAT plants, as well as supporting auxiliary facilities. The company plans to use liquefied natural gas as raw material, and employ the alkyne-aldehyde method to produce BDO, as well as PBAT or PBT products.