Sinochem International: the strategic transition won its first battle

Yesterday, the journalist learned from Sinochem International (600500) that, the inner capital cooperative project, which took the company 3 billion Yuan in hope of building itself into "the King of Chemical Industry", is now undergoing smoothly. The company has achieved remarkable progress in its strategic transition from a traditional trader to a comprehensive service provider of chemical industry.

It is said that, on Sep. 21st this year, Suzhou Municipal Government and Sinochem International has set general aims of several important projects, which are, to build a R&D center and two domestic and foreign industrial bases in the city of Suzhou; to establish a Taicang Base including three Parks of logistics of Chemical industry, petrochemical industry and fine chemical industry, thusly forming a pattern of "one center, two bases and three parks" stretching across the country. The construction of the Taicang base, occupying a area of 1726 hectares, is divided into two phases, the first of which takes an investment of 3 billion Yuan and is predicted to gain tax revenue of 5 billion Yuan after completion. A few days ago, the company said that the construction is now being carried on smoothly.

What's more, at present, four major projects, which are investments made by Sinochem International in logistics, R&D and industry & commerce investment, are running well. The PTMEG project in Taicang has been carried on smoothly and all the products have been sold out in advance booking. Yuhang R&D center has successfully developed the latest technology for ABS as a special material and has taken out a patent on it. The third phase of storage and shipment project in Zhoushan Xingyuan has been finished and put into operation, which goes normal at present.

According to Sinochem International, the smooth progress of those four major projects indicates another step the company took in realizing its dream of turning into an enterprise of full-scale chemical industry.

From:Dongfang Morning 2003-09-30