(Yicai Global) April 11 -- Chemicals giant Borealis AG plans to make its first investment in China by building a production base at Dayawan Petrochemical Industrial Park in the southern province of Guangdong.
The Austrian firm and the park’s management committee penned a deal yesterday, local newspaper the Southern Daily reported. The plant will produce about 400,000 tons of high-end chemicals after completion, including the world’s first solar energy packing film, as it looks to meet Chinese demand for advanced materials.
China is already the world’s largest chemical market now is prime time for Borealis to enter the country, said Chief Executive Mark Garrett. He decided Daya Bay, home to Dayawan, would be the best location for the facility after assessing a number of industrial parks across the country.
Dayawan, the country’s largest petrochemical park, has expanded over recent years to accumulate more than 70 mid- and downstream companies and form a CNY100-billion (USD15.9-billion) supply chain, said Chen Yiwei, secretary of the Municipal Party Committee in Huizhou, where the industrial park is located.
Huizhou is making every effort to build a world-class petrochemical base and attract more industry giants to invest and develop there, Chen said. The government will help Borealis set up the plant and hopes the firm will also look to build a research and development center in the region.