World's largest integrated green hydrogen-ammonia-methanol project begins operation in northeast China

The first phase of the world's largest integrated green hydrogen-ammonia-methanol project HyFlow officially began operation in Songyuan City of northeast China's Jilin Province on Tuesday, providing vital technical support for the development of China's hydrogen industry, according to China Energy Engineering Corporation Ltd.

With a total investment of nearly 30 billion yuan (around 4.26 billion U.S. dollars), the Songyuan project utilizes a "wind-solar-hydrogen-ammonia-methanol" integration model, creating a comprehensive industrial chain that includes hydrogen production, storage, hydrogen-based chemicals, hydrogen energy equipment, and scientific research.

The project plans to develop 3 million kilowatts of renewable energy capacity from wind and solar power, alongside a target annual production capacity of 800,000 tons of green synthetic ammonia and green methanol. The annual production of green hydrogen in the project's first phase is equivalent to approximately one-fifth of China's current total annual green hydrogen production.

"We have successfully solved the global challenge of integrating volatile new energy with stable chemical production, paving a practical and scalable path for the large-scale nationwide consumption of new energy and the advancement of green hydrogen-based chemical industries," said Ni Zhen, chairman of China Energy Engineering Corporation Ltd. Since groundbreaking in September 2023, the first phase of Songyuan project is set to produce 45,000 tons of green hydrogen, 200,000 tons of green ammonia and green methanol annually, equivalent to saving approximately 600,000 tons of standard coal and reducing carbon emissions of 1.4 million tons per year.

World's largest integrated green hydrogen-ammonia-methanol project begins operation in northeast China

The U.S. Federal Reserve on Wednesday decided to maintain its target range for the federal funds rate at 3.5-3.75 percent, in line with market expectations.

"Available indicators suggest that economic activity has been expanding at a solid pace. Job gains have remained low, and the unemployment rate has been little changed in recent months. Inflation remains somewhat elevated," said the Federal Open Market Committee (FOMC) in a statement.

Nevertheless, "uncertainty about the economic outlook remains elevated. The implications of developments in the Middle East for the U.S. economy are uncertain. The Committee is attentive to the risks to both sides of its dual mandate," the statement said.

"In support of its goals, the Committee decided to maintain the target range for the federal funds rate at 3-1/2 to 3-3/4 percent," the statement said. "In considering the extent and timing of additional adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data, the evolving outlook, and the balance of risks."

In the statement, the FOMC reiterated its strong commitment to supporting maximum employment and returning inflation to its 2 percent objective.

Of the 12 FOMC members, 11 voted for keeping the rate unchanged. Stephen Miran voted against the action. He preferred to lower the target range for the federal funds rate by 25 basis points at the meeting.

U.S. Fed keeps interest rate unchanged at 3.5-3.75 pct