China’s Yibin Tianyuan to invest in coal, chemical joint venture

12 January 2012 09:28  [Source: ICIS news]

SINGAPORE (ICIS)--China's Yibin Tianyuan Group and three other companies plan to invest a total of yuan (CNY) 200m ($31.7m) in a joint venture at Yili in the Xinjiang autonomous region in northwest China, a source from Yibin Tianyuan Group said on Thursday.

The joint venture will involve coal mining and chemical production, the source said, without elaborating.

Yibin Tianyuan will invest CNY74m for a 37% interest in the joint venture, while its subsidiary, Yibin Tianyi Special Resin, will hold a 15% interest. Nangang Group will hold a 40% stake and the remaining 8% will be held by Xinjiang Nongsishi State-owned Assets Investment, the source said.

The investment is part of Yibin Tianyuan’s plan to expand in the country, the source said. Xinjiang has abundant coal resources.

Yibin Tianyuan Group is a key chlor-alkali producer in southwest China, while Nangang Group deals mainly with plastic and cement products. Xinjiang Nongsishi State-owned Assets Investment deals with finance and investments.

 ($1 = CNY 6.31)

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By: Rachel Yang

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