Sinofert Acquires De Qilong
    On June 16th Sinofert Holdings Limited (HK Stock Code: 297) and Shandong Pingyuan County Economic Development & Investment Corporation held a ceremony in Pingyuan County of Shandong province for signing the contract on acquiring Shandong De Qilong Chemical Group Co., Ltd.(De Qilong). After the acquisition, De Qilong is renamed Sinochem Pingyuan Chemical Co., Ltd. Sinofert subscribes RMB730 million and holds 75% equity. Pingyuan County Economic Development & Investment Corporation remains 25% equity still.

   The new Sinochem Pingyuan Chemical Co., Ltd. has become the first nitrogenous fertilizer production base with a capacity of 1.0 million t/a in Sinofert. Along with the urea capacity of 300 000 t/a in Jilin Changshan controlled by Sinofert and the urea capacity of 600 000 t/a in Tianji Sinochem Gaoping Chemical Co., Ltd. that Sinofert holds shares in, the total urea capacity of Sinofert has already reached more than 2.0 million t/a. After this acquisition, the total capacity of chemical fertilizers of Sinofert is more than 10.0 million t/a, bringing the company to the biggest chemical fertilizer producer in China. Besides, Sinofert also owns a sales distribution network covering more than 90% of the cultivated land in China.