Deal signed for a project costing 3.3 billion yuan to produce 380,000 tons of green methanol per year

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Deal signed for 3.3-billion-yuan project to produce 380,000 tons of green methanol per year Author/Source: Huahua Network – Coal Chemicals Date: February 3, 2023 Clicks: 24 On the afternoon of January 31, a project with a total investment of 3.3 billion yuan to produce 380,000 tons of green methanol per year was signed in the Jiangbei New Area of Nanjing; it will be established within the New Materials Industrial Park as a key industrial project. Director Wang Zhen of the Green Technology Bank Management Center, General Manager Zhu Junhao of GreenTech Bank (Shanghai) Technology Development Co., Ltd., and General Manager Zhou Enli of China Chemical Saiding Engineering Co., Ltd. attended*. Chen Zhichang, Mayor of Nanjing, and leaders from Nanjing and the Jiangbei New Area, including Yang Xuepeng, Deng Zhiyi, Jin Weidong, Huang Hui, and Wu Yongqiang, were present to witness the signing. This signing represents another important milestone following the agreement on cooperation between the Green Technology Bank and A.P. Moller-Maersk in November 2022; it brings us one step closer to the goal of supplying green methanol for use on ships starting in 2024. Driven by the global efforts to address climate change and the **\"dual carbon\" sustainable development strategy, Green Technology Bank focuses on the need for green and low-carbon development in the shipping industry. It identifies advanced processes for producing green methanol, aggregates resources and financing options from the methanol production sector, and develops comprehensive solutions for green methanol projects. The initial investment in this project is 3.3 billion yuan, with an annual production capacity of 380,000 tons of green methanol. Headquartered in Nanjing, the project will have facilities established in various locations across the country, thereby creating a green and low-carbon fuel industry worth tens or even hundreds of billions of yuan, and helping to reduce China’s reliance on traditional energy sources such as oil and natural gas. Prior to the signing ceremony, representatives from the Green Technology Bank, China Chemical Sideng Engineering Co., Ltd. and others held discussions with the New Materials Industrial Park regarding the specific details for launching the project, and conducted on-site inspections of the potential locations for the green methanol factory.