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Firm in East China Gets Foothold in West
The Shandong Luneng Group, a leading energy development company based in Shandong Province, east China, got a strong foothold in the western region on June 16 when it began to build a huge project in Sichuan Province.
Shandong Luneng will spend three billion yuan (360 million US dollars) to build a 658-hectare economic and technological development zone in Yibin City in five to six years. The first-phase construction work, covering 236 hectares, is scheduled for completion in two to three years.
China is carrying out a strategy to develop its vast and underdeveloped western region. Shandong Luneng is one of the leading enterprises in the country that are determined to play a role there, said the company's vice-chairman Liu Zhenya.
Beside Yibin, Shandong Luneng is also involved in urban construction, natural gas filling stations for vehicles, gold and silver mining, and development of nature reserve in other parts of Sichuan and neighboring Chongqing Municipality. These projects will cost some eight billion yuan (964 million US dollars).
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