HONG Kong Parkview Group is to take a 50 per cent stake in a joint venture to construct an oil refinery in Beihai city, Guangxi, requiring a total investment of US$1 billion.
The agreement on the 35-year venture was signed yesterday among Hong Kong Parkview, China International Petrochemical Co, and the Governments of Guangxi Zhuang autonomous region, Yunnan province and Guizhou province.
The refinery, in Beihai's Tieshan port, was the largest foreign-backed project so far in the province, the Guangxi Government said.
Financing will be met through the respective shareholdings of the partners.
In addition to Hong Kong Parkview's 50 per cent stake, China International Petrochemical will have 20 per cent, while the other three each have 10 per cent.
Hwang Chou-shiuan, whose family is the majority shareholder of Parkview, yesterday said the project would yield a good return.
The principal activities of the Hong Kong Parkview Group are property investment, passenger ferry services, shipbuilding and marine engineering.
