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Hainan natural gas is expected to enrich domestic methanol resources
China has emerged as the leading hub for methanol production and consumption globally. Currently, methanol prices remain stable and profitable, with strong market demand driving growth in the sector. This makes methanol a key player in the energy and chemical industries.
The South China Sea is rich in natural gas reserves, many of which contain high levels of carbon dioxide. This unique characteristic presents a significant advantage for the development of the methanol industry in Hainan. By leveraging Hainan’s strategic location, proximity to major markets, and convenient sea transportation, large-scale methanol projects can not only generate substantial economic returns but also contribute to environmental protection. This aligns with China's broader strategy to develop offshore natural gas resources more effectively.
Zhu Huayou, vice president of the China South Sea Research Institute, along with other experts, highlights that the Beibu Gulf region benefits from its connection to China's economically vibrant southeastern coastal areas and the resource-rich southwest hinterland. The region holds great potential for offshore oil and gas development, supported by numerous deep-water ports and favorable conditions for industrial growth. Focusing on methanol and other oil and gas-based chemical industries is seen as a natural choice for the Beibu Gulf to maximize its regional and resource advantages. This shift will help balance China's oil and gas chemical industry, which has traditionally been concentrated in the northern regions.
Using high-carbon dioxide natural gas for power generation or as civil fuel would result in high resource consumption and significant CO₂ emissions. However, converting this gas into methanol allows for zero carbon dioxide emissions during the production process. Traditional methanol plants often require additional carbon dioxide to achieve the ideal hydrogen-to-carbon ratio (2–2.05). In contrast, using high-CO₂ natural gas eliminates the need for extra carbon dioxide, improving resource efficiency and reducing both gas and energy consumption.
According to Hainan Province's "11th Five-Year" Development Plan, the goal for the petrochemical industry is to develop natural gas-based chemicals, focusing on ammonia and methanol as core products. The plan aims to accelerate downstream product development, achieving an annual gas supply of 5 billion cubic meters and producing 3 million tons of chemical products. With comprehensive production capacity, Hainan is working to establish the largest natural gas processing base in the country.
Analysts suggest that Hainan should take full advantage of opportunities to develop and utilize South China Sea resources. Balancing natural gas supply and demand is crucial, and the province must seize these opportunities to add new gas sources and extend the industrial chain through new projects. This approach will not only enhance energy security but also support long-term sustainable development.