BEIJING, Oct. 14 (Xinhua) -- A subsidiary company of China National Chemical Engineering (Group) Co. Ltd. (CNCEC), has signed an agreement with a Russian company to build a natural gas processing and chemical plant in a small town near Russia's shoreline of the Gulf of Finland.
The deal, which is worth about 12 billion euros (around 13.3 billion U.S. dollars), was signed between the China National Chemical Engineering No. 7 Construction Company Limited (commonly referred to CC-7) and Baltic Chemical Complex of Russia, said the CNCEC in a statement disclosed on the Shanghai Stock Exchange.
The total construction period will last for 5 years.
The CNCEC said in the statement that it would continue to tap the Russian market, promote pragmatic cooperation for mutually beneficial and win-win results, as well as push forward the construction of the Belt and Road Initiative in the direction of high-quality development.
Baltic Chemical Complex is a subsidiary company of RusGazDobycha, a vertically integrated company within the Russian gas market, established to undertake projects in Russia, including production, transportation and processing.