(Yicai Global) July 1 -- China CAMC Engineering and Ghana's LaLoi Industrial Holdings penned a saline-alkali project deal worth USD295 million on June 28.
CAMC Engineering will build a salt plant with annual output of 250,000 tons and a chlor-alkali one with yearly production of 21,000 tons under the 32-month contract, the firm announced yesterday.
The company's shares [SHE:002051] opened up 2.09 percent today at CNY11.71 (USD1.71) on the news.
The project's value represents one-fifth of CAMC Engineering's CNY10.15 billion (USD15 billion) revenue for last year, and so the contract will give a major boost to its profits.
Formed in 2001, the Bejing-based company is active in engineering, procurement and construction projects in Asia, the US , Eastern Europe and Africa. It takes on agricultural, industrial, petrochemical, mining, water engineering, power, communications and other projects, as well as investing in others. The firm also trades in agricultural produce and materials, steel, pulp, machinery and chemicals.
LaLoi Industrial Holdings' parent Accra-based HML Marine Power & Energy provides consulting services for West African oil, gas and energy infrastructure projects.
The chlor-alkali market is one of the largest chemical industries in both volume and value. Its main products are chlorine, caustic soda and soda ash, with chlorine used in around 70 percent of chemical products, public information shows.
Ghana has abundant seawater, sun, tide, wind and impervious land resources that ensure good quality evaporation salt production in the Keta and Songhor Lagoons, whose crude salt yields 97 percent sodium chloride, which thus meets international standards for the chlor-alkali industry, according to Ghana's government website.
Editor: Ben Armour