ChemChina quake reconstruction to cost $329m

27 May 2008 07:16  [Source: ICIS news]

SHANGHAI (ICIS news)--State-owned China National Chemical Corp (ChemChina) may have to spend yuan (CNY) 2.28bn ($329m) to rebuild its facilities following the earthquake in Sichuan, said a company manager on Tuesday.

Eleven of ChemChina’s subsidiaries suffered massive damages, making it one of the worst hit state-owned companies, added Ren Jianxin.

Qingping Phosphate Mine, which suffered maximum damage, caused losses of around CNY300m, he said.

"We can begin downstream plant construction now though we are not yet ready for the long-term production of upstream phosphorus ore," Jianxin added.

The company, however, would not relocate upcoming projects in the area and planned to build a 240,000 tonne/year ammonium phosphate plant in Sichuan’s Deyang city, he said.

The plant would cost CNY880m and construction would be completed in two years, he added. "The project is prioritising the employees' quarters which will be built within the complex."

($1 = CNY 6.94)

To discuss the effect of the Chinese earthquake visit the forum on ICIS connect 

By: Dolly Wu
+65 6780 4359

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