British/Chinese loan for petchem project in Shanghai

May 26, 1997 02:00 AM

May 10, 1997 The Shanghai Branch of the China Construction Bank and a bank in Britain are providing 420 mm yuan ($ 50.6 mm) and $ 33.73 mm in loans for a petrochemical project in Shanghai.
The joint-venture project, to produce 100,000 tpy of PE, is sponsored by Shanghai Petrochemical and the US's Phillips Petroleum Company and will cost $ 135.9 mm.
Analysts said that the project will improve the product structure of Shanghai Petrochemical greatly and its competitive edge.
China Construction Bank's Shanghai branch has loaned Shanghai Petrochemical 200 mm yuan in operational funds for this year.

Source: not available
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