On May 20, Sinochem International (600500. SH) entered into a cooperation agreement with the Zhongwei government to build a circular economy industrial park in Zhongwei, Ningxia Hui Autonomous Region in Western China. He Jian, Secretary of the Zhongwei Municipal Committee, and Liu Hongsheng, General Manager of Sinochem International, attended the signing ceremony.
Sinochem plans to build a circular economy industrial park of global competitiveness with integrated facilities, focusing on high-performance materials, lithium battery materials, downstream products of phosgene, and other fine chemicals as well as intermediates, according to the agreement. With RMB 13.5 billion to be invested by 2025, the Sinochem Zhongwei Circular Economy Industrial Park is expected to cover an area of 3000 mu (494 acres), including 720 mu (118 acres) in the initiation phase of the project. Two subsidiaries of Sinochem International, Ningxia Ruitai Technology Co., Ltd. and Ningxia Sinochem Lithium Battery Material Co., Ltd., will be mainly responsible for delivering the project.
Sinochem has always attached great importance to high tech, safety and sustainability, and the company enjoys good partnership with the Zhongwei government. The planned Sinochem Zhongwei Circular Economy Industrial Park will leverage phosgene and other local resources to build an integrated industrial base of new materials and key intermediates. With complementary advantages, Sinochem and Zhongwei see broad prospects for cooperation of mutual benefit in innovation and development, said company General Manager Liu Hongsheng.