China's Dragon secures $1.3bn loan for 800,000 t/yr PX project

18 May 2010 08:23  [Source: ICIS news]

SHANGHAI (ICIS news)--China-based Dragon Group has secured a loan of yuan (CNY) 8.85bn ($1.30bn) from six banks for its new 800,000 tonne/year paraxylene (PX) project in the Zhangzhou, the Fujian provincial government said in a statement on Tuesday.

“Installation works will start in June," it stated, with production at the plant slated to begin in the second half of 2011.

Construction on the PX project started in May last year.

The plant was originally planned to be built in Xiamen, but was relocated to the Gulei peninsula of Zhangzhou following protests from residents of the locality on environmental grounds.

($1 = CNY6.83)

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By: Dolly Wu
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