26 January 2010 08:57 [Source: ICIS news]
SINGAPORE (ICIS news)--China's Yantai Wanhua Polyurethanes Co has started building an industrial park with an initial investment of yuan (CNY) 13.2bn ($2bn) for phase 1 in eastern Shandong province this month, a company source said.
Wanhua Bajiao Portside Industrial Park - spread over 1,000 hectares - would include a total of 11 plants (see list below), the source said.
The ground breaking ceremony was held on 6 January but the completion date had not been "not finalised yet", he added.
“Upon the completion of this project, it will create the world’s leading low-cost fully integrated Isocyanates complex in our [Polyurethane] industry,” the source said.
The company announced its plans to build the industrial park in November 2009 and received approval from China's regulatory body, National Development and Reform Commission (NDRC), in December last year.
The source said once its new 600,000 tonnes/year methyl diphenyl diisocyanate (MDI) plant is set up in the industrial park, the company would shut down its existing 200,000 tonnes/year unit in Yantai's urban area.
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