Summary by Moomoo AI
Yankuang Energy Group Co., Ltd. (Yankuang Energy) announced on October 25, 2024, that it will be investing in Inner Mongolia Rongxin Chemical Co., Ltd. The investment project is an annual production of 0.8 million tons of olefins, with a total investment of 9.574 billion yuan. The project will use MTO technology to produce polymer-grade ethylene and propylene from methanol, further producing chemical products such as high-density polyethylene and polypropylene. Yankuang Energy stated that this investment has obtained approval from the state-owned assets regulatory authority, as well as local government project approval, environmental impact assessment, and safety evaluation approval. Rongxin Chemical, established in 2008, is a wholly-owned subsidiary of Yankuang Energy. As of September 30, 2024, it has total assets of 4.104 billion yuan and...Show More