A participant views a compression system used in hydrogen fuelling station during the United Nations Development Programme (UNDP) Hydrogen Industry Conference in Foshan, south China's Guangdong Province, on Oct. 19, 2020.(Xinhua/Deng Hua)
BEIJING, May 28 (Xinhua) -- CIMC ENRIC Investment Holdings (Shenzhen) Co., Ltd. and Angang Steel Energy Technology Co., Ltd. have established a joint venture to start a project of producing liquefied natural gas (LNG) and hydrogen with coke oven gas (COG), reported Shanghai Securities News Thursday.
CIMC ENRIC Investment Holdings (Shenzhen) Co., Ltd. is a subsidiary of CIMC ENRIC Holdings limited (CIMC ENRIC, 3899.HK), a transportation, storage and processing equipment and services provider in China. Angang Steel Energy Technology Co., Ltd. is a subsidiary of Angang Steel Co., Ltd. (0347.HK, 000898.SZ), a large steel production and sales company in China.
The registered capital of the joint venture is 200 million yuan, with the two founders each contributing 100 million yuan and taking 50 percent of the joint venture's equity.
The project is located in Yingkou City of northeast China's Liaoning Province, and is expected to produce 125,000 metric tons (tonnes) of LNG and 24 million cubic meters of hydrogen annally in the first phase. It is projected to be put into operation in the third quarter of 2022.
The purity of hydrogen produced by the joint venture will reach 99.99 to 99.9999 percent, which can be used by hydrogen fuel cell vehicles. The output ratio of LNG and hydrogen can be flexibly adjusted within a certain range.
The joint venture also establishes a joint-action mechanism between COG prices and LNG prices, and can arrange production in a timely manner according to market demands and trends.
(Edited by Wang Yuhang, Gu Shanshan with Xinhua Silk Road, gushanshan.1987@163.com)
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