China Knowledge reported that Sinopec Group, the parent company of Sinopec, Asia largest oil refiner intends to invest CNY 21 billion or USD 3.3 billion on coal chemical development through a joint venture established with the Henan Provincial government.

Sinopec Group will hold a 51% stake in the JV which will operate a methanol-to-olefin project that is designed to have an annual output capacity of 1.8 million tons.

Zhongyuan Petrochemical Corp owned by Sinopec Group and based in Henan Province, currently operates a methanol-to-olefin project with an annual output capacity of 600,000 tons.

A person familiar with the matter said in addition, Sinopec Group will hold a 49% stake in a coal to methanol project owned with the Henan Provincial government, adding that total investment has yet been disclosed.
(Sourced from China Knowledge)