Coal-To-Oil,Chem Invest At Least $128 Billion By ‘20
China plans to invest more than CNY1 trillion ($128 billion) by 2020 to convert coal to oil and chemicals, for which demand is stronger, the official China Daily reported Thursday, citing a government document.
The investment will be used for the production of coal-based oil, methanol, dimethyl ether and olefins, the report said, quoting a draft of the medium and long term plan for the development of China’s coal and chemical industries.
China aims to produce 30 million metric tons of coal-based oil, 20 million tons of dimethyl ether and 66 million tons of methanol and 8 million tons of olefins by 2020, according to the draft plan.
Dimethyl ether is a gas derived from coal, while olefins are used as feedstocks in the petrochemical industry.