CHINA BLUECHEM (03983.HK) approves 1.2m t/y gas-to-methanol project in Hainan
NewTimeSpace News: China BlueChemical Ltd. (CHINA BLUECHEM, 03983.HK) announced that its board has reviewed and approved the feasibility study report for a 1.2 million tonnes/year gas-to-methanol project, aiming to strengthen comprehensive utilisation of natural gas resources and expand its natural gas chemical business.
The project is located in Dongfang City, Hainan Province, and will be implemented by wholly-owned subsidiary CNOOC Fudao Co., Ltd. It will build a 1.2 million tonnes/year gas-to-methanol unit with supporting utilities and auxiliary facilities, using about 1.716 billion cubic metres of natural gas annually. Upon completion, the company's annual natural gas utilisation will exceed 5 billion cubic metres and its total methanol capacity will reach 2.6 million tonnes.
The project will be funded by internal resources and external bank loans, with construction scheduled to start in December 2027 and commercial production expected in December 2029. The company said the project has secured upstream gas resources and will consolidate its position as one of the largest methanol suppliers in South China.
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