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The progress of 5.8 billion shannxi coal-to-ethylene glycol projects On 25th November 2019 Shaanxi Yuneng Chemical Materials Co. Ltd. and SPDB Yulin Branch signed a bank-enterprise strategic cooperation agreement. According to the agreement SPDB Yulin Branch will provide 1.4 billion yuan in credit support to Yuneng Chemical Materials Company in the next three years to support the construction of coal-to-ethylene glycol projects.Shaanxi Yuneng Chemical Materials Co. Ltd. is affiliated to Yuneng Group. It was incorporated on September 4 2019. The company is located in Qingshui Industrial Park Yulin Shaanxi. The total investment of the project is 5.8 billion yuan. It is planned to be completed and put into production in 2021. The project uses coal-based dry powder coal gasification patented technology to produce coal-based synthesis gas and uses Ningbo Zhongke Far East Catalytic Engineering Technology Co. Ltd. to produce ethylene glycol and co-produce dimethyl carbonate crude ethanol mixed alcohol sulfur liquid oxygen For industrial products such as liquid nitrogen the main process devices are coal-based syngas devices purification and separation devices glycol devices boiler thermoelectric devices air separation devices and supporting public works.Huang Yong deputy chief engineer of Yuneng Group Corporation and chairman of Chemical Materials Company and Li Yongan president of SPDB Yulin Branch signed the agreement on behalf of both parties. Huang Yan said that the signing of the strategic cooperation agreement between the two sides is in line with the common interests and development strategies of the two sides. Yuneng Group is committed to the pacesetter in the construction of world-class high-end energy and chemical bases and the ethylene glycol project as the start-up project of Yuneng Group's layout of high-end energy and chemical bases is in a critical period of full promotion requiring large financial institutions such as Pudong Development Bank Support and participation to meet the financial services needed for corporate development. The development of chemical materials companies will also inject new vitality and bring new opportunities to the reform and development of SPDB Yulin Branch.Li Yongan said that SPD Bank is full of confidence in the development prospect of Yuneng Group especially the ethylene glycol project. SPDB Yulin Branch will set up a professional service team for the ethylene glycol project provide strong support in credit approval coordinate channels etc. and provide convenient and efficient financial services for the project.On 28th October 2019 the Shaanxi Yuneng Chemical Materials Co. Ltd. coal-made 1.2-million-ton / year ethylene glycol phase-I 400000-ton startup project ethylene glycol process package review meeting was held in Ningbo. Process package review is one of the important nodes in the construction of the project and plays a decisive role in the construction quality of the entire project. The smooth progress of the review of the glycol process package marked that the project's glycol plant was transferred from technical design to the engineering design stage laying a good foundation for accelerating the project's subsequent high standards.

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