China Energy Buys Dimethyl Ether Plants For CNY397.8 Million
China Energy Ltd. (AOG.SG) has acquired a dimethly ether or DME facilities for CNY397.8 million from Shandon Jiutai Chemical Technology Co. Ltd. and Jiutai Chemical and Giant Energy Corp. (Hong Kong) Ltd.
China Energy said in a statement to the Singapore exchange over the weekend that the combined capacity of the plants acquired, both in China, is 450,000 metric tons per annum of DME.
Coal-based DME is an alternative fuel to liquefied petroleum gas, liquid natural gas, diesel and gasoline is considered to be environmental friendly.
“The acquisition of new capacity is in line with the group’s strategy to capitalize on the growing demand of DME in China’s alternative energy sector,” Cui Lianguo, Chairman and Chief Executive Officer of China Energy said in the statement.
The statement said that the newly purchased DME production facilities is expected to contribute positively to the group’s earnings in the current financial year.
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