03 March 1997 00:00 [Source: ACN]
CONSTRUCTION of China National Offshore Oil Corp (CNOOC)'s proposed chemical fertiliser plant in Hainan is expected to start in H2 of this year in the Yangpu Development Zone. Production will begin in 1999.
Sources said approval was recently secured from the State Planning Commission for the Rmb15.58bn (US$1.88bn) development.
The land transfer contract between CNOOC and Hainan Yangpu Land Development Corp had been rescheduled due to the death of China's statesman Deng Xiaoping. It was supposed to have been signed on 25 February in Beijing.
The chemical fertiliser project plans to use the resources of Yinggehai Dongfang's 11 natural-gas fields in the northern region of South China Sea.
Sanya was the other site being considered. But Yangpu was chosen as it is a newly developed zone invested by the Yangpu Land Development Corp, which represents Hong Kong, China and Taiwan interests.
About Rmb5.3bn has been pumped into the zone for infrastructural development. Completed facilities include a 315 500-kW power plant, two berths, 50 km of roads, and telecommunications.
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