China National Chemical Engineering Co unit in 8.4 billion euro Russian deal

BEIJING : China National Chemical Engineering Co Ltd (CNCEC) said on Sunday a wholly-owned subsidiary signed an 8.4 billion euro ($8.89 billion) engineering and construction contract for a chemical project in Russia.

The contract, signed by China National Chemical Engineering & Construction Corporation Seven Ltd, involves a chemical complex project related to the production of methanol from natural gas in the Baltic Sea region, said CNCEC, without providing details.

CNCEC’s controlling shareholder, China National Chemical Engineering Group Corporation Ltd, is ultimately owned by the state.

($1 = 0.9446 euros)