Ten billion yuan coal center to settle in Taizhou city

The signing ceremony for a significant coal storage, transportation and trade center takes place in Taizhou. [Photo/WeChat ID: tzfabu]

A major coal storage, transportation and trade center that will cost a projected 10 billion yuan ($1.4 billion) was signed on Dec 26, paving the way for it to be based in the Taizhou Medical High-tech Zone – located in Taizhou city, in East China's Jiangsu province.

The trade center, being funded by China Energy Group Port Co Ltd, will be constructed in three phases on a site covering 40 hectares.

The facility will handle 100 million metric tons of coal annually. Moreover, it will become a coal storage, transport and trade center boasting the highest level of environmental protection and automation and the largest storage and transportation volume of coal along the Yangtze River.

Overall, it's expected to effectively promote the sales of commodity coal.

Zhu Lifan, Party secretary of Taizhou, gave a speech at the signing ceremony – praising the China Energy Group for its contribution to the energy supply.

He added that the project highly matched Taizhou's resource endowment and industrial base. As a result, it would cultivate new energy for Jiangsu province – to help transform and upgrade industries and promote the coordinated development of the Yangtze River Economic Belt.

Zhu also emphasized that his city would further improve its business environment – providing support in terms of streamlined reviews and approvals – to speed up construction of the project.