Work on big petrochem project starts in Dalian

China Daily (Canada) - - BUSINESS -

A petro­chem­i­cal re­fin­ery project started con­struc­tion onWed­nes­day near the world’s big­gest pu­ri­fied tereph­thalic acid pro­duc­tion base at Dalian Changx­ing Is­land Eco­nomic Zone. Hengli Group, based in Jiangsu prov­ince and one of the world’s big­gest weav­ing com­pa­nies, plans to in­vest 74 bil­lion yuan ($11.5 bil­lion) in the project and com­plete its con­struc­tion in two-and-a-half years. The es­ti­mated an­nual pro­duc­tion value is ex­pected to reach 230 bil­lion yuan, said Chen Jian­hua, pres­i­dent ofHengli Group. andHua Cap­i­tal­Man­age­ment Ltd made an of­fer for Fairchild Semi­con­duc­tor In­ter­na­tional Inc valu­ing the com­pany at $2.46 bil­lion, peo­ple fa­mil­iar with the mat­ter said, top­ping a pre­vi­ous of­fer by ON Semi­con­duc­tor Corp. Fairchild said it had re­ceived an un­so­licited of­fer of $21.70 per share from a com­pany it didn’t name. Fairchild’s board of direc­tors will re­view and con­sider the pro­posal, the com­pany said. is­suers of bonds to build cap­i­tal buf­fers, are look­ing be­yond the sav­ings of the na­tion’s 1.4 bil­lion peo­ple for more funds as they grap­ple with mount­ing bad loans. The na­tion’s banks may ac­count for about half of at least $100 bil­lion in dol­lar notes sold by Asian lenders to meet new cap­i­tal rules over three to five years, ac­cord­ing to Bar­clays Plc. signed with Qing­dao Ru­ral Com­mer­cial Bank.

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