F Kamber to develop and manage 50 sq km petrochemical park in China

Dubai-based group F Kamber Holdings and Shenyang Provincial Government have inked an agreement to develop and manage a 50 sq km petrochemical park at Shenyang, at an initial investment of US$6 bln (Dh22 bln). The provincial government will contribute 90% of the initial investment towards the project. Total investment outlay for the project is estimated at US$60 bln by 2015. This is the first time that a Middle East company has obtained a contract of this nature in China. The site will accomodate 40 major oil refineries, including one with an annual capacity of 1.5 million tons of heavy oil to be established by F Kamber Holding. The 40 refineries will include plants for liquefied natural gas (LNG), compressed natural gas (CNG) and other energy and petrochemical products. Total output of the petrochem park will find a ready buyer in the form of the provincial government, that has also provided a pipeline from the nearest port to the city and a huge warehouse area to store materials. Under the terms of the project, the Middle eastern counterpart will be permitted to import crude in case of a shortfall in supplies from the government. With initial studies concluded, ground-breaking for the project is expected shortly.
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