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World-Class Chemical Industrial Zone to Emerge in Shanghai
A world-class chemical industrial zone will emerge in the south of Shanghai, sources said Wednesday.
Bordering the Jinshan petrochemical industrial zone on the west and a high-tech industrial zone on the east, the zone will cover 23.4 square kilometers, a size similar to the Macao Special Administrative Region.
Construction of three chemical projects involving Germany's Bayer and two local petrochemical companies began earlier this month, signaling the start of the period of a large-scale construction in the chemical industrial zone. Construction of the zone started in 1996.
In the coming five years, 12 major projects, including Sino-foreign joint ventures and solely foreign-funded ventures, will be put into operation, including a 900,000-ton ethylene joint venture involving the China Petro-Chem Corp. and BP-Amoco, with an investment of US$3.4 billion.
Bayer alone has mapped out an overall development plan in the zone to launch seven projects with a total investment of US$3.4 billion.
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