Ningxia Baofeng Energy Group Co., Ltd. announced at the night of October 8 that its 600kt/a methanol to polyolefin project, which is the latter phase of its 600kt/a olefin project by coke gasification, has produced qualified PE and PP recently.
With this project put into operation, the company’s polyolefin capacity will reach 1,200kt/a, including 600kt/a PE and 600kt/a PP, and the output will double from current levels.
According to the announcement, the 600kt/a olefin project by coke gasification with the total investment of 15.279 billion yuan is the first investment project raised by the initial public offering of Baofeng Energy. The project has two phases, which are 2,200kt/a coke oven gas to methanol units and 600kt/a methanol to polyolefin units, and supporting public works. All the works are predicted to be finished by the end of 2019.
With the 600kt/a methanol to polyolefin project getting a full load, the business income of polyolefin at Baofeng Energy will grow. Meanwhile, the company’s products will see an obvious improvement in the market share, strengthening the company’s bargaining power in the industrial chain.
According to the disclosure of Baofeng Energy, up to now, 80% of the 2,200kt/a coke oven gas to methanol project has been completed, and the project is scheduled to go into operation by the end of 2019. The Prospectus discloses that the operation of the 600kt/a olefin project by coke gasification is expected to increase the annual operating income by 5.767 billion yuan and the net profit by 1.183 billion yuan.
In addition, Baofeng Energy is planning its third-phase project. After all the three phases of projects are put into operation, the company will have 3,000kt/a polyolefin capacity (1,500kt/a PE and 1,500kt/a PP) and 10,000kt/a methanol capacity, taking up 5% and 10% of the total capacity in China, respectively.
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