Shenhua and Dow Chemical agree to study Coal-to-Olefins opportunity in China

Beijing - December 20, 2004

The Shenhua Group and The Dow Chemical Company have signed an agreement to jointly evaluate the feasibility of coal-to-olefins projects in China.

A feasibility study which covers areas such as economics and market analysis, logistics and technological applications will be undertaken to evaluate the potential and value of building large scale coal-to-olefins plants in China.

Areas around Yulin city, Shaanxi province, have been identified as the location for the study which will start in the first quarter of 2005. It is anticipated that the study will be concluded by end of next year.

The agreement was signed by Jim McIlvenny, President of Dow Greater China and Zhang Yuzhuo, Vice President of Shenhua Group in the presence of Chen Deming, governor of Shaanxi. Chen Biting, President of the Shenhua Group and Andrew Liveris, President & CEO of The Dow Chemical Company, also attended the signing ceremony.

About Shenhua Group

Shenhua Group Corporation Limited was established in October 1995 as one of 53 wholly state-owned enterprises under the direct leadership of the State Council of China. By the end of 2003, Shenhua, the largest coal producer in China, had 35 subsidiaries, wholly owned or majority owned, with the assets totaling over RMB100 billion.

Shenhua Group, as an energy-based company, assumes the mission to plan, develop and operate the coal resources in the Shenfu-Dongsheng Coalfield and the affiliated railways, power plants, coal terminal and shipping fleet. It integrates coal mining, railway transportation and sales in an uninterrupted and streamlined process. In 2003, the sales and the profits were over RMB 34 billion and RMB 3 billion respectively.

For the next years to come, Shenhua Group will grow into a large international energy conglomerate based on coal mining, with coal, power and coal liquids as main products.

About Dow
Dow is a leader in science and technology, providing innovative chemical, plastic and agricultural products and services to many essential consumer markets. With annual sales of $33 billion, Dow serves customers in more than 180 countries and a wide range of markets that are vital to human progress, including food, transportation, health and medicine, personal and home care, and building and construction, among others. Committed to the principles of sustainable development, Dow and its approximately 46,000 employees seek to balance economic, environmental and social responsibilities. References to "Dow" or the "Company" mean The Dow Chemical Company and its consolidated subsidiaries unless otherwise expressly noted.

For Editorial Information:

Kay Yau
Dow Greater China
852 2879 7316


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