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Energy giant coal industry "enclosure" busy
With the recent announcement by Shaanxi Yanchang Petroleum Group Corporation, its subsidiary, Shaanxi Xinghua Group, is preparing to start construction on a technical transformation project that combines 300,000 tons/year of coal-to-synthetic ammonia and 300,000 tons/year of methanol production before and after the Spring Festival. This marks a significant step in the group's strategy to diversify into the coal chemical industry. Notably, all four major Chinese oil companies with the right to explore and extract oil and gas have entered the coal chemical sector. With support from power and coal companies, these energy giants are actively expanding their presence in this growing field.
According to an executive from Shaanxi Yanchang Group, the global depletion of oil and gas resources has made mining more challenging, while coal remains abundant. "Developing petrochemicals is not the only path—there's no reason to ignore the coal chemical industry," he said. "It’s a strategic move for oil companies to ensure long-term stability."
Sinopec was the first major oil company to enter the coal chemical industry. Since 2000, it has invested heavily in coal-to-fertilizer projects, aiming to "replace oil with coal." Recently, Sinopec has shifted focus toward coal chemicals, seeking growth in a relatively new area. Its strategy involves upstream and downstream integration, which includes strengthening partnerships with domestic coal companies and investing independently. The company plans to invest over 50 billion yuan in Xinjiang to develop coal mining and chemical projects.
PetroChina followed closely, signing a letter of intent with Inner Mongolia Energy Corporation to launch a coal chemical project in Inner Mongolia. CNOOC also entered the sector, establishing a joint venture in Shanxi to build a large synthetic ammonia and urea plant. Later, CNOOC launched a major coal chemical project in Baotou, Inner Mongolia, with a methanol capacity of 1.8 million tons per year.
Power companies have not been left behind. Datang International Power Generation started its MTP project in Inner Mongolia in 2006, marking the beginning of power companies' entry into coal chemistry. By 2007, all five major state-owned power groups had begun investing in coal chemical projects.
China Huaneng Group focused on developing coal chemical projects in Xinjiang and Jilin, while China Power Investment Corporation planned a multi-billion-yuan investment in Ningdong. Guodian Group also launched a synthetic ammonia and urea project in Inner Mongolia, joining the trend.
Coal companies, such as Shenhua Group, have also expanded into coal-to-liquid and coal-to-chemical projects. Companies like Yankuang, Luan, and Yitai have followed suit, entering coal chemical markets in several provinces. Major coal groups have deepened their involvement through restructuring, equity participation, or direct investment.
Shaanxi Coal Industry Group, the largest coal enterprise in Shaanxi, now oversees several subsidiaries and has established the Shaanxi Coal Chemical Group. With ongoing projects, including coking coal and dimethyl ether production, the group aims to exceed 5 million tons of annual output and 50 billion yuan in sales revenue by 2010, positioning itself as a leader in the coal chemical industry.
A coal company CEO shared a simple calculation: coal priced at less than 300 yuan per ton can be transformed into methanol worth 3,000 yuan. Even when using 1.5 tons of coal to produce one ton of methanol, the profit margin is significant. "Why just sell coal when we can add value through chemical products?" he asked with a smile.