Tianjin Bohai to team up with foreign firms

30 September 1996 00:00  [Source: ACN]

TIANJIN Bohai will team up with foreign investors for 14 projects involving a total investment of Rmb5bn (US$602m) in the next five years. Company secretary Yin Guanhui said the company will seek foreign capital and minimise its own investment in these projects. There is no plan to expand the company's share base or to issue convertible bonds to raise finance.

He said it is too early to estimate Tianjin Bohai's contribution to these investments because many projects and shareholdings have not been finalised.

The list of investments includes a revamp of Tianjin Chemical's 58 000 tonne/year caustic soda unit which uses mercury technology. The facility's production will be lifted to 85 000 tonne/year and switched to an ion-membrane technology. The ancilliary propylene oxide facility will be upgraded. Construction work will start early next year, to be completed in 1998. The company is now negotiating with banks.

Concrete negotiations are underway for the construction of a third-phase 48 000-kW power plant between Tianjin Bohai and a US firm. A letter of intent is being considered for three smaller joint-venture projects.

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