Ningxia Baofeng Group and Turpan City signed an agreement for a major investment project valued at approximately US$13.1 billion in Yinchuan on October 12. The two sides will deepen cooperation in the clean and efficient utilisation of coal resources, leveraging Baofeng Group’s industrial and technological strengths and Turpan’s coal resources.

Ningxia Baofeng Group is a leading enterprise in the green manufacturing of high-end chemical materials. It has established large-scale modern coal chemical industrial clusters based on a circular economy model in the Ningdong and Ordos national energy bases. The group has achieved domestic substitution across its process equipment portfolio, with 23 core technologies and equipment systems reaching internationally leading levels.

The group has annual production capacity of 14 million tonnes of methanol and 6 million tonnes of polyolefins. Its operations reportedly replace more than 30 million tonnes of crude oil annually and substitute for 6 million tonnes of imported polyolefin products each year. Baofeng is a major global supplier of polyolefin products and ranks among China’s leading private enterprises.

Dang Yanbao, chairman of Baofeng Group, said the company sees significant potential in Turpan’s resource endowment, geographical advantages and development prospects. Xinjiang, particularly Turpan, will be a key region in the group’s future expansion plans.

The two sides will jointly plan and advance major projects that align with Turpan’s industrial development plans and Baofeng Group’s business strategy. The project is expected to provide an important foothold for the group’s westward expansion and further strengthen its leading position in the industry. It is also expected to help develop new approaches to the green development and utilisation of coal resources in China.

Compiled from ：China Chemical Industry News