SHANGHAI Petrochemical Co has announced the establishment of three Sino-foreign joint ventures with an aggregate investment of US$37.13 million.
The joint ventures, which will concentrate on niche markets, will cover a range of industries including production of food-grade gases and plastic film.
Shanghai Petrochem-Iwatani Gases Development Co, the first joint venture, is jointly owned by Shanghai Petrochem, Shanghai Jindong Petrochemical Industrial Co, Iwatani International Corp and Iwatani Gas Co of Japan.
Shanghai Petrochem is investing $1.43 million in this venture, which has a total investment of $7.43 million, for a 40 per cent stake.
The joint venture produces food-grade carbon dioxide and cutting gas from raw materials manufactured by the No 2 Chemical Plant of Shanghai Petrochem.
The second joint venture, Shanghai Jin Shan Yamatake Control Instrument Co, is owned by Sichuan Instrument Factory, Yamatake Honeywell Co of Japan and Shanghai Petrochem, which is investing $175,000 in the project for a 35 per cent stake. The project investment is $700,000.