Recently, when answering investors’ questions about the 1.2 million tons of coal-to-ethylene glycol project of Anhui Youshun New Materials Co., Ltd., Tongkun Holdings stated that due to comprehensive reasons, Tongkun Holdings will no longer implement the 1.2 million tons of coal-to-ethylene glycol project at this stage. Diol Project. Taking into account the need to further enhance the company’s comprehensive strength, integrate relevant resources, and achieve strategic layout and subsequent development, Tongkun Holdings decided to acquire 100% equity of Anhui Youshun New Materials Co., Ltd. held by Tongkun Holdings through a board meeting. .
In 2018, Zhejiang Tongkun Group and Shanghai Baosteel Gas signed a contract to jointly build a coal-to-ethylene glycol plant with an annual output of 1.2 million tons. project. On October 18, 2019, Jiang Tongkun Holding Group and Shanghai Baosteel Gas Company entered into a syngas cooperation agreement for the annual production of 1.2 million tons of ethylene glycol project. Shanghai Baosteel Gas will prepare syngas from coal as raw material and supply it to Tongkun Holding Group to prepare ethylene glycol. product.
Project Overview
1.2 million tons The syngas to ethylene glycol project is located in Longqiao Industrial Park, Lujiang County. The total land area of the project is about 1,800 acres. It is mainly engaged in the technology research and development, production and sales of syngas to ethylene glycol. Through the construction of coal gasification units, air separation units, and DMO synthesis Plant, ethylene glycol synthesis unit, distillation unit, substation, water treatment and other public works and other facilities, forming an annual production capacity of 1.2 million tons of synthesis gas to ethylene glycol.
Zhejiang Tongkun Group and Shanghai Baosteel Gas will set up new companies respectively in Lujiang. Shanghai Baosteel Gas will prepare syngas as raw material gas from coal. It is then supplied to Zhejiang Tongkun Holding Group to prepare ethylene glycol products. The total investment of the project is about 11.4 billion yuan. After the project is completed and reaches production, it will realize annual sales revenue of 13 billion yuan, annual profits and taxes of about 1.7 billion yuan, and annual tax payment of about 800 million yuan.
The first phase project invested 5.5 billion yuan, of which Baosteel Gas invested 2.5 billion yuan to build a coal-to-syngas device with an annual output of 1.5 billion cubic meters; Zhejiang Tong Kunming Group invested 3 billion yuan to build a syngas-to-ethylene glycol device with an annual output of 600,000 tons. After the first phase of the project is completed and reaches production, it will achieve sales revenue of 6.5 billion yuan, profit and tax of approximately 850 million yuan, and tax payment of approximately 400 million yuan. After the first phase of the project is put into operation, Baosteel Gas and Tongkun Group will invest another 5.5 billion yuan to build a new syngas unit with an annual output of 1.5 billion cubic meters and a 600,000 tons/year coal-to-ethylene glycol unit respectively. </p
