Recently,theIntermediatePeople’s Court of Tongliao City, Inner Mongolia Autonomous Region, through the Alibaba auction platform, conducted an investigation into Inner Mongolia Cornell Chemical Industry located in Lubei High-tech Coal Chemical Industry Park, Zharut Banner, Tongliao City, Inner Mongolia Autonomous Region. All production equipment and public auxiliary projects of the company’s 300,000 tons/year ethylene glycol project were publicly auctioned. Specifically include: fixed assets – buildings, equipment, engineering materials, electronic equipment and vehicles; projects under construction – railway lines, buildings, structures and other auxiliary facilities, machinery and equipment, electrical equipment and instruments; intangible assets – land and Other intangible assets.
The overall starting price of the property sold this time is: 1,922,880,000 yuan. According to the “Intermediate People’s Court of Tongliao City, Inner Mongolia Autonomous Region” issued by Xianda Appraisal Company on Donghua Engineering Technology Co., Ltd.’s application to implement the 300,000 tons/year coal-to-ethylene glycol project of Inner Mongolia Cornell Chemical Industry Co., Ltd., other than current assets involved “Asset Appraisal Report of All Assets” (Neixian Pingzi [2019] No. 19), that is, taking October 28, 2019 as the appraisal base date, the appraised value of the assets to be appraised on the appraisal base date is 2.828 billion yuan.
The 300,000 tons/year ethylene glycol project of Inner Mongolia Cornell Chemical Industry Co., Ltd. is located in Lubei Industrial Park, Zharut Banner, Inner Mongolia, with a total investment of 5.88 billion yuan and an annual output of 300,000 tons of ethylene glycol. Ton. The project is EPC general contracted by Donghua Engineering Technology Co., Ltd. The ethylene glycol process uses high-chemical synthesis gas to produce ethylene glycol process, and the gasification technology uses Colin dry pulverized coal gasification process. The first phase of the project is to build a 52,000Nm3/h internal compression air separation unit and a 110,000Nm3/h coal-to-hydrogen gasification unit (two pulverized coal pressurized gasifiers and a gas purification unit) with an annual output of 300,000 tons of ethylene glycol unit. , 1 set of thermoelectric device (4 sets of 280 tons/hour circulating fluidized bed steam boilers + 2 sets of 25MW steam turbine generator sets), 1 set of sewage treatment device, 1 dedicated railway line, supporting public works, etc. The on-site civil construction of this project started on May 20, 2013, and the on-site construction officially started in April 2014. It was originally planned to be fully commissioned in September 2016.
On May 8, 2017, the Inner Mongolia High Court officially accepted the case. Donghua Engineering Technology Co., Ltd. reported to Inner Mongolia Cornell Chemical Industry Co., Ltd. for the progress payment of the Inner Mongolia Cornell 300,000 tons/year coal-to-ethylene glycol project EPC/turnkey general contracting project undertaken by Donghua Technology. The Inner Mongolia High Court filed a civil lawsuit.
On May 22, 2018, the Inner Mongolia High Court issued a first-instance judgment on the lawsuit between Donghua Engineering Technology Co., Ltd. The Donghua Science and Technology Project progress payment of RMB 505,549,400 and the overdue interest of RMB 32,431,579 as of February 28, 2017 were paid within the day, and the interest from March 1, 2017 to the date of actual payment (according to the same period of the People’s Bank of China loan interest rate), etc.
Inner Mongolia Cornell was dissatisfied with the first-instance judgment issued by the Inner Mongolia High Court and appealed to the Supreme People’s Court. The Supreme People’s Court made a decision on October 16, 2018: rejecting the appeal and upholding the original decision. judgment.
In March 2019, Donghua Engineering Technology Co., Ltd. applied to the Tongliao Intermediate People’s Court to seize, evaluate, auction and sell off the existing assets of the 300,000 tons/year coal-to-ethylene glycol project as a whole. , and applied for the Tongliao Intermediate People’s Court to designate a qualified evaluation and appraisal agency and a shooting assistance agency to be specifically responsible for related matters.
The Alibaba auction platform shows that this auction is the third auction for this project after two failed auctions.
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