Shihezi, Xinjiang – China’s Tianye Group is to build an ethylene glycol plant in its headquarter city Shihezi, Xinjiang with 1mT/year capacity.
The design contract for phase one project with 600kT/year capacity was signed in July with East China Engineering Science and Technology, according to the company’s statement.
Housed in Shihezi’s Shihutan New Materials Industrial Park, phase one has nearly CNY 8bn ($1.2bn) investment set aside and is slated to fully come on stream in 2019.
Tianye Group, a state-owned conglomerate with arms in chemicals, energy, trade and construction, already has facilities with 200kT/year 1,4-BDO capacity and 250kT/year ethylene glycol capacity operating in Shihezi.
Last year the group reported CNY 12.4bn revenue with CNY 649m net profit. Net asset as of the end of 2016 was CNY 13.5bn.