China Energy Investment Corp. (CEIC) plans to invest $24 billion to build an integrated plant in Hami, Xinjiang, that will convert coal into oil products, according to Bloomberg. The facility will be powered by renewable energy. The first phase is slated to come online in 2027. The Hami facility, which will be capable of yielding a million tons of oil products a year for processing into materials like polyester, is more likely to prosper because CEIC’s scale allows it to mine coal inexpensively. Its liquefaction technology has also been touted as state of the art.

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