Alar, Xinjiang – State-backed Tianying Petrochemical signed a construction contract in January for the first phase of its 300kT/year ethylene glycol project.
The first phase, containing 150kT/year capacity, will take 22 months to complete, according to a statement by the contractor East China Engineering Science and Technology. Price of the contract was set at CNY 1.7 bn ($261m).
The new plant will be situated at No.2 Industrial Park in western China’s Alar, Xinjiang Uyghur Autonomous Region, where Tianying is based. Set up in 2014 with CNY 600m registered capital, the company is controlled by autonomy-owned Xinjiang Production and Construction Corps Petrochemical (XPCCP).
XPCCP holds a series of concession and mining rights to natural resources in the autonomy, and functions as the financing platform for its chemical sector, said the statement.
XE Currency Conversion: 17 February, 2016