China, US Sign Five Contracts Worth $4.7 Billion

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Last updated at: (Beijing Time) Wednesday, October 23, 2002

China, US Sign Five Contracts Worth $4.7 Billion

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China, US Sign Five Contracts Worth $4.7 Billion

Five contracts with a total value of 4.7 billion US dollars were signed Monday in New York by China and the United States in the fields of petrochemistry, telecommunications and energy, involving 13 companies of the two sides.

Among the contracts, the most significant one is a framework agreement worth over 3 billion dollars between China Petroleum and Chemical Corporation (Sinopec) and Exxon Mobil China Petroleum & Petrochemical Company, a subsidiary of Exxon Mobil, mainly regarding the establishment of an integrated oil refinery joint venture in Eastern China's Fujian Province.

Zeng Peiyan, Chinese Minister of the State Development Planning Commission, and US Commerce Secretary Donald L. Evans attended the signing ceremony held at the Ritz Carlton Hotel in the presence of some 100 government officials and entrepreneurs from both countries.

"The bilateral economic and technological cooperation between the two countries has bridged the gap between us and promoted the friendship between our people. And the diversification of our cooperation fully represents the extensiveness and mutual complementary in our economic cooperation," said Zeng.

Another contract is China Unicom's purchasing framework for CDMA (Code Division Multiple Access) technology. It is expected to purchase network equipment and services worth over 1 billion dollars from Motorola, Lucent Technology, Nortel Networks and Ericsson.

Anheuser-Busch, the world's largest brewer, established a strategic alliance with Tsingtao Brewery Co. Ltd., in which the American company is planning to increase its shareholding in Tsingtao from 4.5 percent to 27 percent, and to provide the latter with financial and technical aid.

Axens North America, Inc. has been selected by China's Shenhua Group Corporation to be its basic engineering designer and technical service provider for its coal liquefaction project in Inner Mongolia.

Meanwhile, Shanghai Soap Group signed an agreement to acquire the bankrupt Moltech, which produces rechargeable battery in the United States.

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