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Sinopec establishes coal-to-chemical unit
30 September 2012
Menafn. China Petroleum Corp. (Sinopec Group) formally established a coal-to-chemical unit in Beijing on September 28. Sinopec Great Wall Energy Chemical Co., Ltd. will take charge of the investment and operation of coal-to-chemical business of the parent company, construction of the coal-to-chemical projects, as well as professional management of the coal-to-chemical business.
The group planned to build six coal-to-chemical bases across the country from 2011 to 2015, with the bases spreading in Inner Mongolia Autonomous Region, Xinjiang Autonomous Region, Guizhou Province, Anhui Province, Henan Province and Ningxia Autonomous Region, each. And so far, it has made a substantial progress in five of them.
...The National Development and Reform Commission (NDRC), the top Chinese price planner, released several bans on blind expansion of coal-to-chemical projects in the past five years. However, judging from the current situation, it is moving the bans. An analyst with Guosen Securities pointed out that in order to fight against an economic slowdown and help the domestic economy shift, there is a need for the nation to launch some large-sized projects.
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