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SINOCHEM Expanding Strategic Investment in Shanghai

Date:2003-01-03 Source:Jiefang Daily

The promising future of Shanghai has attracted a large number of well-established domestic enterprise groups to make investment there. Yesterday, China National Chemicals Import and Export Corporation (a.k.a. SINOCHEM) and Shanghai Port Office singed a strategic agreement on cooperation, marking an import step towards expanding strategic investment in Shanghai. The Vice Party Secretary and Vice Mayor of Shanghai Hang Zheng and the president of SINOCHEM Liu Deshu participated in the signing ceremony. The Director of Shanghai Port Office Lu Haigu and vice president of SINOCHEM Luo Dongjiang signed the agreement.

Han Zheng, on behalf of Shanghai Party Committee and Shanghai Port Office, expressed his congratulations on the cooperation between SINOCHEM and Shanghai Port Office and gratitude to SINOCHEM for its participation in the development of Shanghai.

He said, “Port plays an import role in the future development of Shanghai. We are readjusting the structure of Shanghai port and developing the two sides of Huangpu River. SINOCHEM shows its long-term vision by participating in this process. I wish the cooperation between SINOCHEM and Shanghai Port Office a full success.”

Liu Deshu said that SINOCHEM would continue to take Shanghai as an import base for its integrated development and try to double its sales revenue and assets volume there within the next three to five years. SINOCHEM will cooperate with all players in Shanghai in promoting Shanghai development.

SINOCHEM is one of the key stated-owned enterprises directly under the control of central government. It has been listed in the Fortune 500 Companies for twelve years. SINOCHEM has taken Shanghai as a strategic base for its market-guided transition and up to now has invested 11 billion RMB plus in Shanghai.

According to the agreement, in addition to Dongchanglu, Yangjiadu, Gaoyanglu and Port Logistics Services projects, SINCHEM and Shanghai Port Office will co-invest in Shanghai Sinochem Plastics Packing Project; SINOCHEM will participate in the renovation of old Shanghai port and the construction of Shanghai port logistics platform and facilities; both parties will negotiate the establishment or M&A of oil and chemicals docks. SINOCHEM chooses Shanghai port as a major terminal for import and export and Shanghai Port Office will provide quality logistics services for SINOCHEM.