China National Chemical Corporation (ChemChina) has acquired Australia's biggest ethylene producer Qenos for an unknown amount, providing ChemChina with a platform to expand in Australia. The deal offers ChemChina a chance to improve by making better use of the research team and facilities at Qenos along with its expertise in corporate governance, production management, safety and environmental protection.
Founded in 1999, Qenos is equally owned by ExxonMobil and Orica. It produces half a million tons of ethylene and same amount of polymer each year. With this acquisition, total assets of ChemChina exceed US$10 billion and its total sales revenues for this year is expected to touch US$10 billion.
05-Apr-06 
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