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Central China petrochemical business gets major investment

Updated: 2015-10-16 15:03

Guanzhuang Industrial Zone signing ceremony at Nanyang

Petrochemical Industry Cluster, Oct 14. [Photo/nygzgq.gov.cn]

The Nanyang Petrochemical Industry Cluster in the city of Nanyang, Henan province, has signed project agreements worth 560-million yuan ($91.4 million) at a ceremony in the city's Guanzhuang Industrial Zone, as of Oct 14, including a Henan Tianguan Group glacial acetic acid project worth 200-million-yuan and a Nanyang Tianhua Pharmaceutical Co a veterinary drug production project worth 170 million yuan.

Other deals involved are the Zhenxing Special Oil Co, which is putting 130-million yuan into a waste-oil oil recycling project and Shenzhen Steel Co, which is putting 80-million yuan into a project to produce 30,000 tons of steel annually.

Dang Jiankai, the head of the Guanzhuang Industry Zone, welcomed the investment and, in his own words, "These contracts mean new business projects will come to the zone and give new impetus to Nanyang's economic development," then went on to emphasize the need for local government to make every effort to ensure the smooth development of these projects.


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