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Energy giant coal industry "enclosure" busy
With the announcement of Shaanxi Yanchang Petroleum Group Corporation, its subsidiary, Shaanxi Xinghua Group, is preparing to start construction on a technical upgrade project that combines coal-to-synthetic ammonia and methanol production. The project will have an annual capacity of 300,000 tons for both synthetic ammonia and methanol, with work expected to begin before and after the Spring Festival. This marks another step in the growing involvement of China’s major oil companies in the coal chemical industry.
China’s four state-owned oil and gas companies—Sinopec, PetroChina, CNOOC, and Sinochem—have all expanded into the coal chemical sector. Leveraging partnerships with power and coal companies, these energy giants are accelerating their presence in this field. According to a senior official from Shaanxi Yanchang Group, “As global oil and gas reserves become scarcer and harder to extract, coal resources remain abundant. It's essential for oil companies to seize opportunities in the coal chemical industry, which offers long-term growth potential.â€
Sinopec was among the first to enter the coal chemical industry, investing heavily since 2000 in projects aimed at replacing oil with coal. The company has now shifted focus toward coal chemicals, aiming to build a more integrated upstream and downstream strategy. In Xinjiang, Sinopec plans to invest over 50 billion yuan in coal mining and chemical projects.
PetroChina followed suit in August last year by signing an agreement with Inner Mongolia Energy Corporation to develop a coal chemical project. A month later, CNOOC launched a joint venture in Shanxi to build a large synthetic ammonia and urea plant. Later that year, CNOOC also began a major coal chemical project in Inner Mongolia, with the first phase producing 1.8 million tons of methanol annually.
Power companies are not far behind. Datang International Power Generation initiated its first coal chemical project in 2006, and by 2007, all five major state-owned power groups had entered the coal chemical industry. Companies like Huaneng, China Power Investment, and Guodian have invested heavily in coal-based chemical projects across multiple provinces.
Meanwhile, coal companies such as Shenhua, Yankuang, and Yitai have also made significant moves. Shenhua's coal-to-oil project in Ordos, which started in 2004, became a landmark in the industry. Other coal firms have followed with similar projects in Shanxi, Inner Mongolia, and Ningxia.
Shaanxi Coal Industry Group, the largest coal enterprise in Shaanxi, has consolidated several smaller coal and chemical companies under its umbrella. With new projects like coking coal and dimethyl ether production underway, the group aims to reach 5 million tons of output and 50 billion yuan in revenue by 2010.
A coal company executive explained the financial incentive: “Coal priced below 300 yuan per ton can be turned into methanol, which sells for up to 3,000 yuan per ton. Even with a 1.5-to-1 ratio, the value added is substantial. Why just sell coal when we can process it into higher-value products?†He added with a smile, “It’s profitable, so why not go further?â€