Azerbaijan: Danieli wins contract for metallurgical plant
Danieli, an Italian company, has won a contract from the Baku Steel Company for the construction of an integrated high value-added metallurgical plant in the city of Sumgayit, in Azerbaijan. The project envisages an investment of more than 1 billion euros and is scheduled to be completed within the next three years. The metallurgical plant is expected to have an important social fallout as it plans to employ 12,000 workers in the construction work while 1,200 will be stably employed once it becomes fully operational. A first agreement has also been signed for the GPC (Gas Petrolchemical Plant) Project between SOCAR, Technip Italy, the American Univation, France’s Axens and China’s Sinopec. The project involves the construction of a plant producing polyethylene and propylene from gas, which is scheduled to become operational in 2022. The project, worth approximately 4 billion dollars, will be principally financed with Chinese investments under the “One Belt One Road” initiative.
China: Bracco renews its partnership with Shanghai Pharma
The Bracco Group is consolidating its presence in China thanks to the renewal of the joint venture with Shanghai Pharmeceuticals Holding. The Italian company will thus pave the way for its further expansion into one of its major markets (second-largest in sales after the United States). The agreement envisages a 20-year extension of the Bracco-Sine joint venture established in 2001 and in which the Italian pharmaceutical company holds 70% of the capital and Shanghai Sine Pharmaceutical (owned by Shanghai Pharma) the remaining 30%. The joint venture, which was established to produce and sell contrast media for medical diagnostics, employs approximately 300 workers and has a turnover of nearly 85 million euros a year.
