01 April 2011 06:40 [Source: ICIS news]
SHANGHAI (ICIS)--China’s Wanda Group has invested yuan (CNY) 3.9bn ($?xml:namespace>
The project is located at Dongying Port Economic Development Zone in eastern Shandong province.
It will be developed in two phases. The first phase of construction started in the middle of March and includes a 130,000 tonne/year ACN unit and a 40,000 tonne/year PMMA unit, the source said.
The products will be mainly for captive use after the project starts up, the source added, but declined to give a timeframe.
However, a government official from the zone's Investment Promotion Bureau said the first phase will probably start up next year.
Wanda Group, based at Dongying in Shandong, is a conglomerate with business interests in the tyre, chemical and property sectors.
($1 = CNY6.57)
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