Towngas and Foran Energy form JV to boost green methanol production

Each party holds a 50% equity stake.

Towngas and Foran Energy have formed a 50-50 joint venture, VENEX Holding Company Limited, to scale up green methanol production in China.

As part of the deal, Towngas is transferring its green methanol plant in Ordos, Inner Mongolia, to VENEX.

The plant, operated by Inner Mongolia ECO Coal Chemical Technology Company Limited, will be the first major asset under VENEX.

The move follows a 2024 cooperation agreement between Towngas and Foran Energy to build green methanol plants across China, including in Inner Mongolia, the Greater Bay Area, and Hainan. Their target is to reach one million tonnes of annual production capacity.
Towngas previously signed memoranda of understanding (MoUs) with the Transport and Logistics Bureau (TLB) and Pacific Basin Shipping Limited (Pacific Basin) to support Hong Kong’s development as a green maritime fuel bunkering and trading centre.