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On March 9, 2018, Jiangsu Huifeng Petrochemical Co., Ltd. (Huifeng Petrochemical), a wholly-owned subsidiary of Jiangsu Huifeng Bio-Agriculture Co., Ltd. (Jiangsu Huifeng), signed the Investment Cooperation Framework Agreement with Huagang Gas Group Co., Ltd., and Jiangsu Dafeng Harbor Holdings Co., Ltd.
According to the announcement, the parties intend to jointly develop and construct LNG (liquefied natural gas) terminal project in Dafeng Port, Yancheng, Jiangsu Province, which aims to ease tight supply of LNG resources in East China. The project includes the construction of LNG wharf and LNG reserve warehouse. A total investment has USD1.26 billion, of which the first phase project reaches USD0.95 billion. The cooperation project is managed and operated by a subsidiary jointly established by the contracting parties, of which Huifeng Petrochemical holds 35% of the equity.
According to Jiangsu Huifeng, it is conducive to optimizing company's industrial structure, forming new profit growth point and enhancing competitiveness, which meet the company's development strategy.