The international chemical company Oxea and the Chinese Chengxing Group have signed an agreement with the Changzhou Municipal Government for a land grant in the Changzhou Yangtze River Chemical Industrial Park for the construction of a plant for the production of amines and other chemicals.
Oxea and Chengxing are planning to form a new joint venture company with Oxea as the majority shareholder — the first major investment for Oxea in China. Amines are mainly used for the production of pharmaceuticals, dyes, agrochemicals and polymer additives.
Miguel Mantas, a member of the Oxea Executive Board said that the new plant will primarily serve customers in China and Asia but we will also cater to the global markets.
The site location was chosen based on several advantages of the Changzhou Yangtze River Chemical Industrial Park, including: close proximity to customers, good logistics, a well developed infrastructure, availability of key raw materials, well-trained human resources, and significant potential for future growth.
Chengxing Industrial Group, based in Jiangyin, China, is one of the world's leading phosphorous chemicals manufacturers with revenues of EUR1.6 billion in 2007. Additional divisions include petrochemicals, coal chemicals, trading and logistics, and general investments. One of Chengxing's subsidiaries, Xinya Chemicals located in Changzhou, is a leading amines and derivatives producer in China. Oxea is a is an international producer of acetates, alcohols, amines, carboxylic acids and aldehydes.