(Yicai Global) Sept. 7 -- Oriental Energy, a private Chinese energy and chemicals supplier, will join hands with state-owned China National Nuclear Corporation to develop a fourth-generation nuclear reactor with a total investment of over CNY100 billion (USD14.3 billion).

The pair will build a high-temperature gas-cooled reactor, or HTGR, to supply Oriental Energy's chemicals production base in Maoming, Guangdong province with utility services such as steam, electricity, and refrigeration products, the Nanjing-based firm said late yesterday. No construction schedule was given.

HTGR is a kind of fourth-generation atomic reactor with the advantages of being safe, efficient, affordable, and useful in many fields. Power-generating giant China Huaneng Group invested in the world's first HTGR commercial pilot project in Shandong province, which is expected to go into commercial operation this year.

Oriental Energy plans to introduce CNNC or its subsidiaries as strategic investors to strengthen their cooperation, the firm added, noting that the expected stake will be between 5 percent and 15 percent. Oriental Energy will also appoint CNNC directors to its board.

The two will also set up a hydrogen energy alliance to promote an advanced, environmentally friendly, and cost-effective hydrogen energy supply chain. Projects will include a hydrogen energy research institute, a pilot plant for the green preparation of hydrogen, and joint research and development of materials and equipment for solid-state hydrogen storage.

Oriental Energy started building its chemical production industrial zone in Maoming in March 2020. The first phase is expected to produce 2 million tons of polypropylene a year, 80,000 tons of hydrogen as a byproduct, and other chemicals when completed and put into operation this year. When fully operational, it will become the world's largest polypropylene production base.

Editor: Futura Costaglione