On February 25th, Pingliang City and Shaanxi Xingwang Enterprise Group held a meeting to discuss the development of coal chemical industry in Pingliang City and coal conversion and recycling economy project of Pingliang Huayu Huijin Coal Chemical Co., Ltd. in Lanzhou.

Pingliang City is one of the 13 large-scale coal bases in the country. The city has more than 65 billion tons of coal geological reserves, 430 million tons of oil resources, and more than 3 billion tons of limestone reserves. Shaanxi Xingwang Enterprise Group Co., Ltd. is the second largest manufacturer of nickel-cobalt metal materials in China and the largest mine resource development enterprise in Shaanxi Province.

The meeting disclosed that on December 27, 2011, Pingliang City and the Shaanxi Xingwang Enterprise Group signed a "coal chemical project construction cooperation agreement" with a total investment of 21.8 billion yuan; on February 1 this year, Pingliang City and Shaanxi Xingwang Enterprise Group The "Pingliang City coal conversion circular economy 700,000 tons/year olefins, 1.8 million tons/year methanol project promotion agreement" was signed, marking the formal implementation stage of Shaanxi Xingwang Enterprise Group's Pingliang Coal Transformation Circular Economy Project. The construction of the project was completed in two phases: a phase-one construction investment of 11.8 billion yuan, an annual production capacity of 700,000 tons of olefin production lines, and an annual production capacity of 5 million tons of coal raw material resources; the second phase will complete a construction investment of 10 billion yuan. Production of 1.8 million tons of coal-to-methanol production lines and production lines of polypropylene and polyethylene fine products. By 2015, the production line will be fully completed and put into production. The total investment for the completion of the overall project will be 21.8 billion yuan. After the production line reaches its production capacity, the annual sales income will be 23.5 billion yuan, and the tax will be 3 billion yuan. After the project is completed, it will have a significant driving effect on extending the industrial chain, improving the comprehensive utilization efficiency of resources, and developing a recycling economy for Pingliang Jidong Energy and Chemical Industry Base.

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