First project to turn coal into olefin
(Xinhua)
Updated: 2006-09-04 14:23 Sino Biopharmaceutical,
China's pharmaceutical giant, announced Sunday that it had signed an agreement
with northwest China's Shaanxi provincial government to build the country's
first project to converse coal into low-carbon olefin.
"The technology boasts low cost compared with the conventional method of
extracting similar products from petroleum," said Xie Bing, chairman of the
company listed in Hong Kong's stock exchange.
"It will be a new source of olefin and carries special economic value in
light of the rising oil prices," he said.
With a total investment of 5 billion yuan (US$628 million), the joint venture
will be built in Shaanxi's Yulin city and is expected to commence operation in
the first quarter of 2007.
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