(Yicai) June 14 -- Shares of Libert rose after the Chinese construction engineering company said it is part of a consortium that secured a CNY1.1 billion (USD151 million) contract to build a chemical plant linked to a large petrochemical project with ties to Saudi Aramco, the world's largest oil producer.

Libert [SHA: 605167] closed 1 percent higher at CNY8.14 (USD1) after gaining as much as 3 percent earlier in Shanghai today.

North Huajin United Petrochemical recently told LBT Construction, a unit of Libert, that a consortium led by LBT won an engineering, procurement, and construction contract to build a factory with an annual production capacity of 200,000 tons of hydrogen peroxide solutions, the Jiangsu province-based firm announced yesterday. Construction should take 960 days.

The consortium was established by LBT and Brussels-headquartered chemical company Solvay. LBT will be responsible for project design, procurement of raw materials, and construction whereas the European partner will chip in its process design package and licensing of production technology, the firm said, without disclosing how revenue will be shared.

North Huajin, the project owner, was set up by Dhahran-based Aramco and two Chinese partners to invest in a CNY87.3 billion (USD12 billion) petrochemical project in Panjin, Liaoning province. The plant started construction last March. Aramco indirectly holds a 30 percent stake in North Huajin, making it the latter's second-largest shareholder.

Editor: Emmi Laine