| IFC, BPEAG invest $130 mln in Chinese chemical plant |
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| Tuesday,June 05,2007 Posted: 15:43 BJT(0743 GMT) chinaview |
BEIJING, June 4 (Xinhua) -- International Finance Corporation (IFC) and Baring Private Equity Asia Group (BPEAG) will jointly invest 130 million U.S. dollars in Shandong Dongyue Chemical Co. Ltd (SDC).
According to an agreement signed here by the three parties, IFC and BPEAG will hold a 27.3-percent stake in SDC.
SDC, the largest green refrigerant producing base in the world, with an annual output of 60,000 tons, has just launched a project capable of producing 400,000 tons of organ silicon before 2010.
"SDC will use the investment to increase its production capacity and develop the organ silicon project," said SDC board chairman Zhang Jianhong.
IFC serves as the private sector investment arm of the World Bank Group and has invested in more than 100 projects in China.
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