Sinochem Invests 3Bn Yuan To Evaluate Material Venture



BEIJING: Sinochem International , a unit of state-run Chinese oil and chemical group Sinochem Corp, said it has provisionally agreed to a 3 billion yuan ($454 million) project to produce raw materials for lithium batteries.

The company joins a host of firms looking to cash in on China’s battery boom, which has been spurred by the growing popularity of electric vehicles in the country.

In a statement to the Shanghai Stock Exchange on Friday, Sinochem International said its 40 percent-owned subsidiary, Jiangsu Ruisheng New Materials Technology Co, has signed a framework agreement with Cixian county government in northern Hebei province to pursue the project.


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