31 July 2008 06:59 [Source: ICIS news]
SHANGHAI (ICIS news)--Two China-based companies have invested yuan (CNY) 6.02bn ($881m) in a coal-to-chemical project at Hegang city in Heilongjiang province, said an executive of LongMay Mining Group on Thursday.
The two companies LongMay Mining Group and Beitai Iron& Steel Group would hold 51% and 49% stakes in the new firm.
The project was expected to be completed in 2011 and was estimated to earn an annual revenue of CNY2.01bn/year once it begins commercial production, added the source.
LongMay Mining Group is located in Hegang city of Heilongjiang province while Beitai Iron& Steel Group is in Benxi city of Liaoning province.
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