China’s Luxi Chemical Group gets $11m subsidy for capro unit

09 February 2012 06:31  [Source: ICIS news]

SINGAPORE (ICIS)--China’s Luxi Chemical Group has received a subsidy of yuan (CNY) 68.8m ($11m) for its 200,000 tonne/year caprolactam (capro) project in Shandong province, the company said on Thursday.

The company received the subsidy in early February from the Liaocheng Bureau of Finance, Luxi Chemical Group said in a statement to Shenzhen Stock Exchange.

The project will cost CNY2.5bn and is expected to be built in two phases within three years, according to the statement.

Luxi Chemical Group is a key fertilizer producer in Shandong province in north China.

($1 = CNY6.30)

By: Rachel Yang

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