Source: Xinjiang Daily, ChinaScope
Financial (Data)
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Construction
of PetroChina’s (PTR: NYSE; 0857: HKG; 601857: SHA) chemical fertilizer project located in the city of Aksu in Xinjiang started yesterday.
Total investment in the project will be CNY 3.2 billion.
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Upon
completion in 2015, the chemical fertilizer project will produce 450,000 metric
tons of synthesis ammonia and 800,000 metric tons of urea annually.
PetroChina’s sales revenue derived from the project is expected to be
approximately CNY 1.3 billion a year, and its profit and tax gained from the
project will likely exceed CNY 80 million a year.
Urea production is only a tiny part of PetroChina’s
(PTR: NYSE; 0857: HKG; 601857: SHA) business, but the fertilizer industry is a
strategic focus of the government as it supports the agricultural sector and
makes it possible to utilize coal in regions with lack of transportation.
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