An agreement worth more than $13 billion has been signed between China National Chemical Engineering Group (CNCEC) and Russia’s RusGasDobycha to build a natural gas processing and chemical plant.
It is the largest ethylene integration project in the world, according to CNCEC chairman Dai Hegen. He told China Central Television the contract is the biggest ever signed by a Chinese enterprise.
The new contract includes construction of a natural gas processing chemical plant in a small town near Russia’s shores at the Gulf of Finland. The plant will comprise two sets of ethylene cracking facilities with an annual capacity of 1.4 million tons. It will also have six sets of polyethylene facilities with an annual capacity of 480,000 tons, two sets of LAO facilities with an annual capacity of 137,000 tons and an outside battery limiter (OSBL).
Also on rt.com
The project is divided into three phases: infrastructure extension, early stage engineering and then project implementation. The contract period is five years.
CNCEC said in a statement it would continue to tap the Russian market, promote cooperation for mutual benefits and win-win results.
For more stories on economy & finance visit RT’s business section