DYK phosphate fertilizer expansion and upgrade project went through a successful trial run and commenced commercial operation in August. Thus, our annual production capacity of phosphate fertilisers was substantially increased to 1 million tonnes.
China BlueChem was listed on the main board of the Hong Kong Stock Exchange, stock code: 3983
China BlueChem was registered as a joint stock limited company. It was restructured with operations consolidated through various means, including share transfer and acquisition, giving it a more refined corporate structure, and more unified assets and cohesive operations.
China BlueChem acquired 90% interests in Tianye Chemical located in Inner Mongolia to consolidate its presence in the urea market in North and North-eastern China. The acquisition serves as evidence of the Company's active effort to grow through M&A amid the industry consolidation.
China BlueChem and Hong Kong Kingboard together established a Sino-foreign equity joint venture, CNOOC Jiantao, in which China BlueChem holds 60% interests and Hong Kong Kingboard holds 40%. The JV has started to build a methanol plant with annual designed capacity of 600,000 tonnes, which is scheduled to be completed by September 2006 and to commence operations in January 2007. China BlueChem is expected to become one of the methanol manufacturers with the large production capacity in China by then.
China BlueChem completed ahead of schedule a granular urea production facility of designed annual capacity of 800,000 tonnes in Fudao Phase II. The construction, from installation of machinery to starting production, took just 21 months, which is an industry record in China.