(Yicai Global) June 20 -- Chinese clean energy firm Beijing Sanju EP and New Materials Co. [SHE:300072] has secured a contract for the deep processing of tar worth nearly CNY5.6 billion (USD815 million), almost 32 percent of its operating income last year.
The company will partner with Shanxi-based Fuxiao Chemical Co. on the project, which will have an annual capacity of 900,000 tons. The Beijing-based firm will provide its partner with tar processing, special equipment and purifying agents.
Founded in 2016, Fuxiao Chemical specializes in distributing and selling coking coal and tar products, Sanju EP's statement said. In line with Shanxi government's call for an industry-wide transition toward deep coal processing, the project employs such advanced technologies as slurry hydrogenation to further process coking coal, tar and other types of heavy feedstock.
Sanju EP is an environmental tech firm specializing in energy purification products, such as cleaning agents and catalysts for desulfurization. The new project will be the first application of its slurry hydrogenation technology. Through processing almost a million tons of tar each year, the firm hopes to see how effective its products are, the statement said.