On November 25, 2024, Hong Kong China Gas (0003.HK) and Foran Energy Group Co., Ltd. (hereinafter referred to as “FuRen Energy”) signed the “Green Fuel and Chemical Project Cooperation Framework Agreement” today. Hong Kong's China Gas and Feronan Energy will jointly establish an investment platform to promote the development of a green economy.
The relevant agreement was signed at the “Guangdong-Hong Kong Deepening Economic, Trade and Investment Cooperation Conference” under the witness of guests including member of the Political Bureau of the CPC Central Committee and Secretary of the Guangdong Provincial Party Committee, John Lee Ka-chiu, Chief Executive of the Hong Kong Special Administrative Region, Zheng Yanxiong, and Chairman of China Gas in Hong Kong, Dr. Li Jiajie.
According to the “Cooperation Framework Agreement”, the two sides initially plan to finance 10 billion yuan through various methods to build green methanol production bases across the country, including Inner Mongolia, the Greater Bay Area, Hainan, Fujian, etc., and develop a green fuel and chemical supply pool with an annual output of 1 million tons.
“Hong Kong China Gas has more than 160 years of experience in the energy industry and has been actively developing green energy, including green methanol, hydrogen energy, etc.,” said Shum Wenhui, CEO of China Gas in Hong Kong. “This strategic cooperation will leverage its advantages in the production, operation and technical support of green methanol, and jointly build a green energy supply and industrial chain with Buddha Fuel Energy to provide more green fuels and chemical products for the shipping and chemical industries to help the industry accelerate the pace of low-carbon transformation.”
Yin Xiang, chairman of FuRen Energy, said that this strategic cooperation will open a new chapter in the cooperation process between the two companies. “The strategic cooperation between the two companies, with investment in green methanol projects as an entry point, marks that FERN Energy and Hong Kong and China Gas have entered a new stage of development. The two sides have also officially joined the green fuel and chemical industry, and the two sides have cooperated to help the country achieve its dual carbon goals.”
Hong Kong China Gas has investment and operation experience in green methanol projects. The green methanol project in Ordos, Inner Mongolia has obtained international certifications from the European Union ISCC EU and ISCC PLUS for 3 consecutive years since 2022. It is the first enterprise in the Mainland to obtain these two international certifications for green methanol and to produce green methanol on a large scale. In the past two years, Hong Kong China Gas has delivered green methanol certified by ISCC EU and ISCC PLUS to overseas customers, and the Inner Mongolia green methanol production plant will produce 0.15 million tons in 2025 for use in the shipping and chemical industries.
The two partners will give full play to their respective advantages in green energy, energy and chemicals, hydrogen energy, supply chains, investment and construction, technical support, product certification, market operation, etc., and join forces to share resources to jointly promote the green energy revolution and low-carbon industrial upgrading, and accelerate the development of new green productivity.
