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East China Builds Petrochemical Center
An opening ceremony was held Tuesday for a petrochemical industrial park at a northern suburb of Nanjing, capital of east China's Jiangsu province.
A signing ceremony of contracts worth 400 million U.S. dollars was part of the day's events.
The northern suburb of Nanjing is a traditional gathering place of chemical plants including the famous Jinling Petrochemical Import & Export Corp., Yizheng Joint Corporation of Chemical Fiber Industry, and Nanjing Chemical Industrial Corp.
The park, also located near the bank of the Yangtze River, has attracted overseas giants in this field such as Du Pont, Dow, Chevron, BASF, and Shell-B.P. with convenient transportation, favorable policies and abundant expertise.
Yangzi-Basf Petrochemical Co., Ltd., jointly established by China's Yangtze Petrochemical Company and Germany's chemical giant BASF, is under construction in the park. The total investment of the project hit 2.65 billion U.S.dollars.
Leading domestic banks such as China Merchants Bank and Industrial & Commercial Bank of China also signed the agreements here to give financial support for further development of the park.
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