06 August 2012 10:06 [Source: ICIS news]
The two companies have signed a non-binding letter of intent on the capro project on 16 July, and details will be discussed over the coming months, the source added.
The project will consist of Phase 1 with a 400,000 tonne/year capro unit and Phase 2 with a 600,000 tonne/year unit, according to the source.
The first phase will cost yuan (CNY) 10bn ($1.57bn), and construction is expected to start at the end of this year and be completed in 2015, according to the source.
The schedule for the second phase will depend on the operating rate of the 400,000 tonne/year capro unit after its start-up, the source said.
Details on the second phase, including financial details, have not been confirmed, according to the source.
($1 = CNY6.37)
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