Oriental Energy, China National Nuclear to Invest USD14 Billion to Build Fourth-Gen Nuclear Reactor

(Yicai Global) Sept. 7 — Oriental Energy, a private Chinese energy and chemical materials supplier, will join hands with China National Nuclear Corporation to develop a fourth-generation nuclear reactor with a total investment of over CNY100 billion (USD14.3 billion ).

The pair will build a high-temperature gas-cooler reactor to provide utility services, including steam, electricity, and refrigeration products, to Oriental Energy’s chemical production base in Maoming, Guangdong province, the Nanjing-based firm said late yesterday. The announcement did not mention the project’s construction schedule.

HTGR is a kind of fourth-generation nuclear power reactor with the advantages of being safe, efficient, affordable, and useful in many fields. Power-generating giant China Huaneng Group invested in the world’s first HTGR commercial demonstration project in Shandong province, which is expected to be put into commercial operation this year.

Oriental Energy plans to introduce CNNC or its subsidiaries as strategic investors to strengthen their cooperation, the firm added, noting that the expected shareholding ratio will be between 5 percent and 15 percent. Oriental Energy will also appoint directors from CNNC to take part in the board’s management.

The two parties also want to establish a hydrogen energy business alliance to promote an advanced, environmentally friendly, and cost-effective hydrogen energy supply chain. The business’ projects will include a hydrogen energy research institute, a pilot plant for the green preparation of hydrogen, and cooperation in the research and development of materials and equipment for solid-state hydrogen storage.

Oriental Energy started construction at its chemical production industrial zone in Maoming in March 2020. The project’s first phase is expected to produce 2 million tons of polypropylene, 80,000 tons of hydrogen as a byproduct, and other chemicals annually when completed and put into operation this year . When fully operational, the site will become the world’s largest polypropylene production base.

Editor: Futura Costaglione