05 May 2011 06:32 [Source: ICIS news]
SHANGHAI (ICIS)--China’s Anhui Huaihua Group plans to invest yuan (CNY) 15bn ($2bn) to build coal based chemical plants in Zhongwei city of the Ningxia Hui Autonomous Region, a company source said on Thursday.
Huaihua Group and the Zhongwei municipal government last month signed an agreement for the construction of the three coal based chemical plants, the source said.
The project will be completed in three phases. In the first phase, the group will invest CNY 300m to build a 150,000 tonne/year nitric acid plant, and invest CNY3bn on a 300,000 tonne/year ammonia plant in the second phase.
Later the company will invest CNY11.7bn to build a 1m tonne/year monoethylene glycol (MEG) plant, the source added.
Construction of the first phase will start in June this year and is expected to be complete by the end of 2012, the source said, but gave no details for the rest of the two plants.
($1= CNY 6.50)
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