$2.3 bn methanol-to-olefins project on anvil

BUSINESS REPORTER -

Duqm, APRIL 19 -

Chinese petrochemicals corporation Mingyuan Holdings Group Co Ltd plans to set up a mega methanol-to-olefin (MTO) plant alongside a giant greenfield methanol scheme at the China-Oman Industrial Park with an investment of around $2.3 billion.

The mammoth integrated methanol and MTO scheme, envisaging a capacity of 10 million tonnes, will rank among the largest petrochemical schemes in the region. Development of the venture is planned in stages, with the promoters looking at a capacity of 1.8 million tonnes of gas-to-methanol and methanol-to-olefins in the first phase.

Natural gas will be used as feedstock in the production of methanol, with polyethylene and polypropylene also envisioned as end products along with methanol and MTO.

Dalian-based Mingyuan Holdings operates assets worth around $1.72 billion in China, among other locations around the world. Gross revenues totalled over $5 billion in 2015.