China Resources Holdings Invests in Changzhou Hi-tech District Wharf and Logistics Project

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CHANGZHOU, China, Feb. 2 /PRNewswire-Asia/ -- On the morning of 30 January, Changzhou Xinrun Petrochemical Storage Co., Ltd., a company set up by China Resources Holdings with 90% equity ownership, launched officially at Lu'anzhou Port, Changzhou National Hi-Tech District (Xinbei District), in eastern China's Jiangsu Province. At the same time, the Lu'anzhou Petrochemical Wharf River-spanning Pipeline Bridge Project was officially launched. China Resources Holdings Chairman Song Lin and Changzhou Mayor Wang Weicheng attended the opening ceremony and project commencement ceremony.

Changzhou Xinrun Petrochemical Storage Co., Ltd. is a joint venture between China Resources Packaging Materials Co., Ltd., a wholly-owned subsidiary of China Resources Chemicals Holdings Limited, and Changzhou Hi-tech Industrial Development Zone General Development Inc. (Holdings). The company has a registered capital of RMB 108 million. It specialises in the construction and operation of petrochemical wharves and storage facilities in Changzhou Lu'anzhou Port Area. China Resources Packaging Materials Co., Ltd. will invest in the construction of the Lu'anzhou Petrochemical Wharf and General Logistics Park.

The Changzhou Port of the Yangtze River is a national category-1 port. Foreign cargo vessels are allowed to dock and load and unload goods at this port. The Lu'anzhou Port Area Petrochemical Wharf and General Logistics Park is mainly made up of a tank area and petrochemical wharves. The latter mainly includes the Yangtze Berth, and a cross-river pipe corridor bridge. The construction of the Yangtze Berth, as well as all pre-construction preparatory work for the cross-river pipe corridor bridge, has already been completed. The first stage of the tank area project, which involves 100,000 cubic meters of tanks, is expected to come to a close in August 2011. These tanks are also expected to be put into use at the same time. The dates and scale for the expansion of the tank area will be determined according to market needs. After the tank area is completed, it will provide Changzhou City with excellent logistics and storage supporting services as well as a first-class petrochemical logistics and storage platform.

Dai Yuan, Member of the Changzhou Municipal Standing Committee and Secretary of the Party Work Committee of the State Hi-tech District, joined Wang Shuaiting, Vice Chairman of China Resources Holdings, in the official opening of Changzhou Xinrun Petrochemical Storage Co., Ltd.

Wang Shuaiting said at the project commencement ceremony that Changzhou had already become an important partner of China Resources Holdings in Jiangsu Province and the company would induce more China Resources enterprises to carry out observations and invest in Changzhou, as well as continuously expand their scope of investment.

China Resources Holdings is a large state-owned enterprise based in Hong Kong that belongs to the State-owned Assets Supervision and Administration Commission of the State Council. It owns many listed companies, and is one of the most powerful diversified companies in Mainland China and Hong Kong. It has extremely strong abilities in investment and industrial development in several fields such as energy, petrochemical, textile and food processing. In June 2008, China Resources Holdings signed a strategic cooperation agreement with the People's Government of Changzhou City to explore new areas of cooperation and projects, as well as to establish a long-term, broad partnership that offers mutual support and development. Changzhou City agreed to give its full support to China Resources Holdings' projects in the retail, manufacturing, hi-tech, urban development, energy, pharmaceutical, food processing, and other fields. China Resources Holdings, in return, agreed to give Changzhou City priority when selecting and deciding on investment projects. In the same year, China Resources Holdings set up China Resources Packaging Materials Co., Ltd. This company has an annual output of about 500,000 tons of non-fibre grade polyester chips, making it the second largest producer in China. According to the company's development plan, it will reach a production capacity of one million tons in the next three years to become a leading enterprise that has the highest ability in the industry in terms of independent innovation.

    For more information, please contact:

     Wang Zhongliang
     Department of Propaganda and United Front Work
     Changzhou National High-Tech District
     Jiangsu Province 213022
     Tel:   +86-519-8512-7305
     Fax:   +86-519-8511-5905
     Email: [email protected]
     Web:   http://www.czxx.org.cn

SOURCE Changzhou National Hi-Tech District