July 7, 2012

PetroChina to fund chemical fertiliser project with US$0.42 billion

PetroChina, a major oil and gas producer in China, declared on Thursday (July 5) its plans to spend RMB2.67 billion (US$0.42 billion) in a chemical fertiliser project in northwest China's Ningxia Hui autonomous region.

The project, scheduled to start production in 2013, will be able to produce 450,000 tonnes of synthetic ammonia and 800,000 tonnes of urea each year.

PetroChina Ningxia Petrochemical Co., a local branch of PetroChina, will take full charge of the project.

Upon the completion of the project, Ningxia Petrochemical Co.'s annul output capacity of chemical fertilisers will reach three million tonnes.