The world's first coal-based methanol epoxy resin full chain project started, Shaanxi Yu energy chemical 13.2 billion phase I officially entered the construction stage.

On July 3, 2026, the commencement ceremony of the 800000-ton/year methanol-to-propylene (DMTP) joint plant of the epoxy resin integration project (phase I) of China Shaanxi Yuneng Energy Chemical New Materials Co., Ltd. was successfully held in Shenmu High-tech Industrial Development Zone, Yulin City, Shaanxi Province, China, and the project officially entered the construction stage. DMTP device is the world's first set of coal-based methanol epoxy resin industry chain core leading device, by Shanghai Hetu Engineering Co., Ltd. and Shaanxi Chemical Construction Engineering Co., Ltd. joint EPC general contract, the first phase of the total investment of 13.2 billion yuan.

The world's first: coal-based route full chain through, two lines in parallel to build a complete closed loop

the core strategic value of this project is the first time in the world to achieve a complete industrial chain of coal-based route preparation of epoxy resin, the industrial verification significance of this technical route beyond the simple capacity expansion.

The first-phase device system is complete, and the double-chain parallel pattern of "methanol & rarr; propylene & rarr; epoxy resin" and "benzene & rarr; bisphenol A & rarr; epoxy resin" is constructed. The core device scale is as follows: methanol to propylene (DMTP) combined plant 800000 tons/year, chloropropene plant 100000 tons/year, epichlorohydrin plant 100000 tons/year, hydrogen peroxide plant 200000 tons/year, cumene plant 300000 tons/year, phenol acetone plant 350000 tons/year, bisphenol A plant 240000 tons/year, epoxy resin plant 250000 tons/year, polyolefin elastomer plant 100000 tons/year, ethylene propylene rubber plant 50000 tons/year, high salt waste water purification device 100000 tons/year.

Two parallel routes support each other: propylene route, coal & rarr; methanol (local resource in Yulin) & rarr;DMTP to make propylene & rarr; chloropropene & rarr; epichlorohydrin & rarr; epoxy resin, realizing vertical connection from coal to end product; bisphenol A route, propylene & rarr; cumene & rarr; phenol acetone & rarr; bisphenol A & rarr; epoxy resin, the two routes converge on the 250000 tons/year epoxy resin terminal device, forming a dual raw material source guarantee system, effectively avoiding the risk of a single route supply chain.

DMTP plant adopts the new generation of fluidized bed methanol-to-propylene technology of Dalian Institute of Chemistry, Chinese Academy of Sciences, compared with the traditional fixed bed MTP process, lower energy consumption, higher conversion efficiency, fewer by-products, advanced technology for the long-term cost competitiveness of the project to provide fundamental support.

What is particularly noteworthy is that the project synchronously distributes 100000 tons/year of polyolefin elastomer and 50000 tons/year of ethylene-propylene rubber, and uses DMTP by-product ethylene and propylene resources to convert into high value-added special rubber in situ to realize the maximum value utilization depth of olefin raw materials, which is highly consistent with the logic of the same layout of ethylene-propylene rubber in the coal-based new materials project of China Coal Pingshuo 29.7 billion, reflecting the common strategic orientation of China's coal chemical industry to the extension of special rubber chain.

Industry Impact: Three categories of supply patterns face new variables.

For the epoxy resin market, the annual production capacity of 250000 tons belongs to the domestic large-scale monomer device level. Relying on Yulin's local coal and methanol resources, the project has structural advantages at the raw material cost end, and the cost suppression effect will be particularly significant in the downward price cycle compared to small and medium-sized epoxy resin producers that rely on outsourced bisphenol A and epichlorohydrin. Combined with the recent production of Anhui Hengtai 30000 tons/year high-performance epoxy resin and the bidding of Shandong Aojiali 200000 tons/year special epoxy resin project, the trend of domestic epoxy resin localization and high-end acceleration in China is being strengthened simultaneously at multiple points.

For the bisphenol A market, 240000 tons/year supporting capacity is completely internal supply, which means that the project will not become a market source of supply for bisphenol A, but its completion will reduce the demand for outsourcing on the same scale, which will have a hidden impact on the supply logic of existing bisphenol A traders.

For the ethylene-propylene rubber market, the production capacity of 50000 tons/year is moderate, but China's domestic high-end ethylene-propylene rubber brands have long relied on imports. If the coal-based integration route can ensure the stability of product quality and complete downstream certification, it will have obvious import substitution value, forming a stage of competitive pressure on the existing import channels.

Follow-up Key Observation Nodes

the current DMTP joint device has just started, which is the first shot of the whole industrial chain, and is also the decisive prerequisite for the start-up sequence of all downstream devices. Combined with the investment scale of 13.2 billion yuan and the complexity of the device system, there is still a long construction period from the overall production.

It is suggested that the practitioners of epoxy resin, bisphenol A and ethylene propylene rubber industry chain should include the construction progress of DMTP devices, the delivery time of each set of devices and the announcement of the first batch of product trial production into the key tracking framework, and adjust the medium-and long-term supply chain strategy in advance.