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BP Amoco-Invested Project Starts Building in Zhuhai
The PTA project of Zhuhai Amoco Chemical Co. Ltd, BP Amoco p.l.c.'s largest invested project in China, has started construction in Zhuhai, in south China's Guangdong Province.
Situated inside Lingang Industrial Zone of Zhuhai, the project covers an area of 400,000 square meters. A total of US$360 million will be needed for the first phase of the construction, said local sources.
The project is expected to be finished and put into operation in December 2002. By then, it will have an annual production capacity of 350,000 tons of PTA, which is a raw material used to produce chemical fiber.
According to local sources, Zhuhai Amoco Chemical Co, Ltd. holds 80 percent stake of the new joint venture, Fuhua Group of Zhuhai possesses a 15 percent stake and China National Chemical Fiber Corporation owns 5 percent.
It is believed when the project is completed it will help alleviate a shortage of PTA supply in Guangdong, where the garment-making industry is highly developed, and will enormously promote Guangdong's chemical and industrial development.
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