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Chemical Industry Zone Offers Potential for Overseas Investors
The chemical industrial zone in Caojing off the Northern Hangzhou Bay, which is presently under construction, will provide massive potential for overseas investors once it is completed.
Shanghai's Mayor Xu Kuangdi said this in a meeting with visiting president of the US-based Cabot Chemical Limited Company, Samuel W. Bodman, Friday, December 8.
According to Xu, the Caojing Chemical Industry Zone, 10 square kilometers in area, will be able to process 30 million tons of crude oil and produce 1.5 million tons of ethylene annually.
The world's chemical giants including Bayer and BASF have decided to set up large chemical enterprises and heat and power plants in Caojing, Xu said.
"This shows that Shanghai's chemical industry is undergoing significant growth," he added.
Cabot is a transnational corporation that produces special chemicals including carbon black, an intensifier and colorant indispensable in many chemical products. The company is planning to set up a production line for special carbon black in Shanghai.
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