The hottest coal to gas project in Datang becomes

2022-07-28
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Datang coal to gas project becomes hot potato Shenhua Group has many worries about taking over the project

Datang Fuxin coal to gas project stopped before it was about to be completed and put into operation. Datang coal to gas project has become a hot potato, and Shenhua Group has many worries about taking over. On the eve of completion and operation, Datang Fuxin coal to gas project stopped

according to the previous progress, the whole construction period will be completed in another half a year to meet the production conditions. Recently, a person who knows the internal situation of Liaoning Datang International Fuxin coal to gas company (hereinafter referred to as Datang Fuxin coal to gas company) revealed in an interview that before the suspension of project construction, Datang Fuxin coal to gas company had 2000 employees in addition to the engineering construction personnel, and at present, only about 1000 people are working in the plant every day

Datang Fuxin coal to Gas Co., Ltd. is the power generation unit of Datang International, which greatly improves the measurement range and accuracy of the sensor; Ltd. (hereinafter referred to as Datang Power Generation (6.48, -0.14, -2.11%)). On december22,2014, Datang Power Generation announced that the company planned to sell its coal chemical business and had suspended the construction of Fuxin coal to gas project. On july7,2014, five and a half months ago, Datang Power signed the framework agreement on restructuring of coal chemical industry and related projects with China Guoxin Holding Co., Ltd. (hereinafter referred to as Guoxin) to sell Datang Duolun coal chemical, Datang Keqi coal to gas, Datang Fuxin coal to gas and other projects as well as related supporting and related projects

the reason for the suspension of project construction is that Datang coal chemical project has found her husband's family? It is learned that the current cumulative investment of Datang Fuxin coal to gas project is 14billion yuan, which is only more than 1/2 of the estimated total investment. Moreover, the project has not been put into operation, and there are no idle assets that may lower the book value. The asset status is relatively simple to sort out, which can reduce the twists and turns of the transaction. Therefore, it is expected to become a breakthrough in the transaction. However, as a matter of fact, Guoxin company has completed the asset appraisal of Datang Fuxin coal to gas, and there has been no further action since then. The above-mentioned people who understand the internal situation of Datang Fuxin coal to gas company disclosed

on January 7, 2015, we called the relevant departments of Datang Group, and the relevant person said that the restructuring of coal chemical industry was under negotiation, and the specific information was not available

debt burden of coal chemical business

Datang Fuxin coal to gas project was awarded the road strip by the national development and Reform Commission in March2010 and began engineering construction. The project is divided into three phases, which was originally planned to be completed and put into operation in December 2014; The first phase of the project is planned to be completed and put into operation in 2013. An announcement of Datang Power Generation in October 2012 also mentioned that it is stepping up construction with the goal of putting into operation in 2013

the project plans to use local lignite to produce coal to natural gas, and then send it to the natural gas market through pipelines. The construction scale is 4billion cubic meters of coal to natural gas, and the total planned investment is 24.57 billion yuan

recently, Datang Fuxin coal to gas company, located in Xinqiu District, Fuxin City, Liaoning Province, saw that the company's office building, plant, staff dormitory, canteen and other infrastructure had already been completed; The main units in the east of the main plant area, such as gasification, air separation, sulfur recovery and utilities, have also been installed and are being commissioned

outside the plant area, the white water diversion project, an important supporting project of Datang Fuxin coal to gas project, has been completed throughout the line; The laying of natural gas transmission pipelines to Shenyang and other cities is nearing the end. Datang Fuxin coal based natural gas plans to supply gas to Fuxin, Shenyang, Tieling, Benxi, Fushun and other cities

according to the aforementioned insiders, the project can be put into operation within half a year if the previous project progress is followed

however, under the background that Datang Duolun coal chemical project is deeply involved in water source pollution and environmental protection problems, Datang Keqi coal to gas project has had safety accidents, especially Huaneng, Huadian and other central enterprises have stripped off coal chemical business, Datang Power Generation also plans to sell off coal chemical assets in 2014

according to the 2014 interim performance report of Datang Power Generation, as of the first half of 2014, the total assets of Datang coal chemical business segment had reached 75.125 billion yuan, but the total liabilities had also reached 63.621 billion yuan; What is particularly worrying is that the debt scale of the coal chemical industry sector has accounted for 40% of the company's total debt; Meanwhile, in the first half of 2014, Datang Power generation coal chemical industry suffered a loss of 1.367 billion yuan, an increase of 1.65 times compared with the same period in 2013, which also enabled the asset liability ratio of Datang Power generation coal chemical industry to reach 84.69%. This is the financial background of Datang Power Generation stripping coal chemical business

Datang Power's continuous large-scale investment in coal chemical industry has resulted in high debt and overburdened enterprises. An insider of Liaoning Datang said that Datang's strength is power, and it is not professional in the field of coal chemical industry after all. No matter in terms of technology, management or resource integration, Datang is not proficient and accurate in the operation of coal chemical industry

it is understood that at present, Datang Fuxin coal to gas project has invested about 14billion yuan to prevent the migration of colorants from affecting food safety, which is only a little more than half of the total planned investment. Therefore, it is regarded as a breakthrough for Datang Power to sell coal chemical business, because the assets are relatively simple to sort out, which can reduce transaction twists and turns

however, it is learned that although Guoxin company has completed the asset appraisal of Datang Fuxin coal to gas project, it has not taken any further action since then

Shenhua Group also sent personnel to Datang coal to gas company for project investigation during the evaluation period, but whether it can take over or not is still a big variable. Because of billions of investment, it is not easy to reorganize. According to the aforementioned insiders of Liaoning Datang, at present, Shenhua is not too enthusiastic about taking over Datang Fuxin coal to gas project

multiple concerns of potential acquirers

the framework agreement on restructuring of coal chemical industry and related projects signed by Datang Power Generation and Guoxin company is intended to introduce large state-owned enterprises with good coal chemical operation to participate in the restructuring of Datang coal chemical industry

reports from several media show that Shenhua Group is a potential buyer of Datang coal chemical business, because its main business has been coal and coal chemical business for nearly 20 years, and Shenhua Group has rich operating experience in the field of coal chemical industry

according to the analysis of the above insiders, Shenhua Group still has concerns about taking over Datang Power generation coal chemical business, especially Datang Fuxin coal to gas project

first of all, the annual output of 10million tons of coal resources in Fuxin city is not enough to support the production of Datang Fuxin coal to gas project, while the key supporting project of Datang Fuxin coal to gas project, the Ba Xin railway, has been built for 7 years, and has not been completed yet. This plan starts from bayanula Town, Xilingol League, Inner Mongolia Autonomous Region, and the maximum stress of the tested materials should be considered, It is still unknown when the railway that ends at Xinqiu station in Fuxin City, Liaoning will be able to transport the coal resources in Inner Mongolia

according to the above-mentioned insiders, Datang Power Generation did not have no concerns when discussing the investment in Fuxin coal to gas project. The biggest reason is that the local coal resources are insufficient and the coal transportation cost is high. If the construction of PNG railway was not approved, Datang would not be likely to invest in Fuxin coal to gas project

according to the calculation, if the railway is not built from Xilingol to Fuxin, the cost of coal transportation per ton will exceed 170 yuan by means of cars and trains; With the PNG railway, the coal transportation fee per ton can be reduced to 75 yuan

according to the public information, the PNG railway is 487.6 kilometers long, with a total investment of 5.86 billion yuan in the first phase of the project. The project was officially started in november2007. Due to capital and other problems, the current project progress lags behind. As of November 10, 2014, Chifeng Daban section of Xinqiu of PNG railway has been paved, and Chifeng is about 150 kilometers away from bayanula Town, xiwuzhumuqin banner, Xilin Gol League

Datang Fuxin coal to gas project is the largest industrial project in the history of Fuxin City, and Liaoning Province is eagerly looking forward to this project. 4. Test process: the test process, measurement, display and analysis are all completed by microcomputer. In order to promote this project, Liaoning Province promised to subsidize Datang Fuxin coal to gas project by about 200million yuan every year. According to the announcement of Datang Power on october23,2012, Datang Fuxin coal to gas company received 435.5 million yuan of operating financial subsidies

since then, there has been no news about subsidies, but even if the annual subsidy of 200million yuan is implemented, it is difficult to play a decisive role compared with the projects with a total investment of more than 20 billion yuan. The aforementioned insiders of Datang Fuxin coal to gas company said

secondly, Datang Fuxin coal to gas project completely replicates Keqi coal to gas project, and the equipment and facilities are almost the same as those of Keqi project. However, after the first phase of Keqi coal to gas project was put into operation in december2013, a safety accident occurred, and the gasifier was burned out. The accident investigation results show that the reason why the gasifier was burned through is that the raw material is lignite. The raw material of Datang Fuxin coal to gas project is also lignite. If this problem cannot be fundamentally solved technically, the existing equipment may need to be replaced, which also means a large amount of capital investment

in addition, if Shenhua Group takes over, it should also consider how to reverse the fate of investment, i.e. loss, after taking over. It may also face large investments in such aspects as technological transformation investment and pollution control

for Fuxin City, the current situation of Datang Fuxin coal to gas project is also a serious problem. Focusing on coal to gas, Fuxin has started to promote the construction of coal chemical industry base since 2008, focusing on the fine processing of main and by-products of natural gas and other large-scale coal chemical projects, building two series of projects, forming four product institutions and building eight industrial chains. At present, five projects with investment ranging from several billion yuan to several billion yuan have been settled in this base

as a project officially approved by the national development and Reform Commission, the investment is so huge that it is impossible to miscarry eventually. The aforementioned insiders of Datang Fuxin coal to gas company said that even if the negotiation with Shenhua Group is not smooth, other professional enterprises may be introduced, which will also be coordinated by relevant national authorities

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