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BIZCHINA / China Insurance
PICC-led consortium to insure?ethene project
By Hao Zhou (chinadaily.com.cn)
Updated: 2007-09-14 09:43
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PICC Property & Casualty Insurance Company and another four property
insurers have inked a contract with Sinopec's Fujian Refining and
Petrochemical Co Ltd to insure its ethene project last week, the China
Insurance News reported.
The insured amount will top 20 billion yuan (US$2.66 billion), making it
the largest petrochemical project insurance in China this year. PICC
Property insured the biggest stake, 40 percent, while the other 60
percent was partaken by China Pacific Property Insurance, Ping An
Property and Casualty Insurance, Huatai Insurance, and Yongcheng Property
Insurance.
The ethene project of Fujian Refining and Petrochemical Company is also
backed by Exxon Mobil (China) Corp and Saudi Arabian Oil Company, with a
total investment of more than 35 billion yuan. The project was launched
last year and is scheduled for completion in 2009.
...
The full text is available in the?China Insurance.
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