BP, PARTNERS SLATE CHINA LPG PROJECT
British Petroleum Co. plc signed a joint venture agreement with Hong Leong, Singapore, and Fuzhou Gas Corp. (FGC) to develop a $15.5 million LPG plant at Fuzhou, China.
Official approval is expected in about 2 months, after which construction of a dockside storage terminal and bottling plant will take 18 months. Plant capacity will be 30,000 metric tons/year at start-up, rising to 60,000 metric tons/year after 12-18 months.
BP Hong Leong (Fujian) Enterprise Ltd. will build and operate the plant. BP and LPG bottle manufacturer Hong Leong will jointly hold 67% in the JV and FGC the remainder.
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