Asian Activities Report for November 23, 2011: Air Liquide (EPA:AI) and Sinopec (SHA:600028) Form Joint Venture for a Refinery Expansion Project in China
23.11.2011 | ABN Newswire
12:00 AEST Nov 23, 2011 ABN Newswire (C) 2004-2011 Asia Business News PL. All Rights Reserved.
Sydney, Australia (ABN Newswire) - Air Liquide (EPA:AI), the world leading industrial gas supplier, has formed a 50/50 joint venture with China Petroleum and Chemical Corporation ('Sinopec')(NYSE:SNP) (HKG:0386) (SHA:600028) to jointly invest Euro 85 million in a refinery expansion project in Maoming, Guangdong Province, China. Air Liquide will design and manufacture a new Air Separation Unit in China, with a capacity of 3,000 tonnes of oxygen per day, for the supply of gaseous oxygen and nitrogen to a coal-to-hydrogen project, part of the refinery expansion project.
Australian resources company TNG Limited (ASX:TNG) reports positive interim results from the Pre-Feasibility Study ('PFS') on its 100%-owned Mount Peake Iron-Vanadium Project in the Northern Territory, outlining a project capable of generating revenues of A$10.4 billion over an initial 17.2-year life. The positive PFS results follow the recent signing of an agreement with the Jiangsu East China Mineral Investment & Development Bureau, formalising a A$13.4 million investment and strategic partnership in TNG.
Sumitomo Metal Mining Co., Ltd. (TYO:5713) has established a subsidiary in Brazil to look for opportunities of acquiring interests in copper, gold, nickel or other resource projects. Brazil has rich mineral endowments, the establishment of a Brazilian subsidiary is a strategic step for Sumitomo Metal to become a major non-ferrous company.
Western Desert Resources Limited (ASX:WDR) has signed a Memorandum of Understanding with Xstrata Zinc to investigate the feasibility of gaining access to Xstrata Zinc's McArthur River Mine loading facility. The loading facility access would accelerate Western Desert's production and export of iron ore from the Roper Bar Iron Ore Project, with shipments expected in late 2012 or early 2013.
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