Established in March 2010, Fund Energy Ningbo Co., Ltd. (“Fund Energy (Ningbo)”, formerly Ningbo Heyuan Chemical Co., Ltd.), is located in the Ningbo Petrochemical Economic and Technological Development Zone, a national development zone, occupying an area of 850 mu. The Company has established the second-ever and currently the largest MTO (methanol-to-olefins) plant in the world, with a total investment of approximately RMB6 billion.

Fund Energy (Ningbo) is equipped with a 1.8mt/a MTO unit (including OCU), 500kt/a ethylene glycol unit and a 400kt/a PP unit.  At present, all plants and units are running well, generating an annual sales revenue of around RMB10 billion.

In response to China’s energy mix, Fund Energy (Ningbo) adopts the advanced DMTO technology with China’s intellectual property right as the core technology. DMTO adopts low carbon methanol as the feedstock to produce precious but basic organic raw materials such as ethylene and propylene via non-oil based process. Such route is in line with the national strategy for energy development and other industry policies, and strategically relevant to i ensure national energy security, optimize energy consumption structure, enhance energy efficiency and reduce environmental pollution.

Following its operating philosophy of “spreading wealth to the public and creating a moral world” and leveraging the resources, utilities and auxiliary facilities available in Ningbo Petrochemical Economic and Technological Development Zone, Fund Energy (Ningbo) will strive to optimize the comprehensive use of resources, strengthen environmental protection and reinforce the development of the recycling economy. More importantly, it is committed to striking a balance between developing the Company and creating benefits to society, achieving harmony among economic benefits, social benefits and environmental benefits, so as to contribute to local economic and social development.