Hong Kong Firm to Build 500,000-Metric-Ton Biodiesel Project in Jiangsu Province

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Researched by Industrial Info Resources (Sugar Land, Texas)--The Administration Commission of the Dafeng Port Economic Development Zone has signed an agreement with privately owned Weal Thful Limited (Hong Kong) to build a 500,000-metric-ton biodiesel project in the Dafeng Port economic zone, the Administration Commission announced on February 12.

According to the agreement, the project will be built in phases with a total investment of $50 million and a total planned area of about 16.67 hectares. The output of Phase I will be about 100,000 metric tons per year.

Dafeng Port, located near the center of the 1,040-kilometer coast line in Jiangsu province, is about 250 sea miles to Shanghai and 120 sea miles to Lianyungang. With its advantages in location and transportation, the Dafeng Port Economic Development Zone is planning to build a 20-square-kilometer petrochemical industrial zone and a 4-square-kilometer energy industrial zone. Construction has been completed on about 8.25 square kilometers of the petrochemical industrial zone, which includes support facilities such as sewage processing plant, a thermal power plant, substations and firehouses.

Several petrochemical giants, including Sinochem, PetroChina (NYSE:PTR) (Beijing) and CNOOC Limited (NYSE:CEO) (Hong Kong) have invested or decided to invest in the zone. A batch of large petrochemical and energy projects have been planned or are already under construction in the zone. These projects include Sinochem's $1.46 billion new material base, PetroChina Shanghai's 500,000-metric-ton biodiesel project and the $730 million Jinpu chemical park. By the end of the China's Eleventh Five-Year Plan, the petrochemical industrial zone will account for more than $2.92 billion in investments in fixed assets in the zone.

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