On July 18, the Lubrizol Corporation of the United States and the Zhuhai Municipal People's Government signed an investment agreement for a lubricant additive project, signifying that the Lubrizol lubricant additive project was officially settled in the Gaolan Port Economic Zone in Zhuhai.
According to the agreement, Lubrizol will invest in the construction of a large lubricant additive production base in the Gaolan Port Economic Zone in Zhuhai. The first phase of the project investment is about 200 million U.S. dollars, and it is expected to start construction in the second half of 2010. The project will be completed and put into operation in 2013. After full production, it is expected that the annual output value will exceed 4 billion yuan. The project signed a letter of intent in January 2010, and registered and established an independent legal entity company Lubrizol Additives (Zhuhai) Co., Ltd. in the Gaolan Port Economic Zone. Currently, the preparatory work of the project is progressing smoothly.
The Lubrizol Corporation stated that it is optimistic about Zhuhai's convenient shipping and other transportation and logistics conditions as well as the convenience of its products radiating throughout the Asia Pacific region. It is reported that the Lubrizol Lubricant Additives Project of Zhuhai mainly involves automotive lubricant additives, industrial oil additives, and fuel additives. After the project is put into production, it will form a supporting industry supporting closely with the existing Shell Lubricant projects, which will enable the Gaolan Port Economic Zone to form a complete oil industry chain, thereby enhancing Zhuhai's industrial competitiveness.
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