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China signs agreement to build $2 billion chemical plant in Russia

August 07, 2015, 19:17 UTC+3 CHENGDU (Southwest China)
It is not certain yet, whether or not the plant will be a joint Russian-Chinese production
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CHENGDU (Southwest China) / August 7 /TASS/ The Russian company Renova Orgsyntes and Chinese Beyer Chemical Group, along with Lutianhua Group has signed an agreement on cooperation for the production of the herbicide glyphosate to control weeds, the companies said in a statement on Friday.

The Prime Minister of the Chuvashia Republic Ivan Motorin, said on the sidelines of the Russian-Chinese dialogue "Volga-Yangtze" that the agreement provides for the establishment of a chemical plant worth $2 billion.

"So far, the investments have been preliminarily outlines, its $2 billion. After the project is approved, the financing will be finalized," he said.

According to him, it is not certain yet, whether or not the plant will be a joint Russian-Chinese production.

"Presently, we are putting together the work format, since before this agreement Renova Orgsyntes had planned to implement this project on their own," Motorin said, adding that the Russian company is cooperating with the Chinese partners on the equipment purchasing.

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