Befesa Plans to Build Desalination Project in Qingdao   

China's sixth largest soda producers Qingdao Soda Ash Industrial Company Ltd. (SH: 600229) recently reported it plan to set up a joint venture with Befesa CTA QINGDAO S.L. and Qingdao Hairun Tap Water Group. The board of director of Qingdao Soda Ash Industrial has approved this plan on January 22nd. No other progress from Befesa was reported.
    The joint venture will construct a 100 000 tons per day desalination project in Licang of Qingdao, Shandong province. Befesa CTA QINGDAO S.L., a subsidiary of Spanish company Befesa Agua, S.A., will subscribe EUR29.78 million, accounting for 91.2525% in the total registration capital of the JV. Qingdao Soda Ash Industrial will contribute its land for 8.7191% equity and Qingdao Hairun Tap Water Group will subscribe EUR9 277, for a share of 0.0284%.  
   It is reported that the project will spend RMB1.02 billion investment and 26 months in construction. Qingdao Hairun Tap Water Group will purchase all water produced by the JV.