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Beijing, March 23, 2004
—The International Finance Corporation, the private sector arm of the World Bank Group, has agreed to invest $5 million (RMB 41.5 million) equity in Zhong Chen Energy Storage Company. Zhong Chen operates a liquefied petroleum gas marine import terminal in Tangshan City, Hebei Province. It is one of the few private sector port infrastructure operators in the region. The IFC investment will help Zhong Chen further develop its strategic location in the Bohai Bay to address growing demand for environmentally clean fuel for industrial and automotive use.
“As a global leader in private sector participation in infrastructure, IFC brings not just capital to Zhong Chen but broad expertise that enables the company to make the most of its site,” said Javed Hamid, IFC Director for East Asia and the Pacific. The Company’s site has potential for the development of additional storage facilities for up to 300,000 tons of fuel and finished oil which would alleviate the inadequacy of existing import and breakbulk infrastructure in North China.
“Zhong Chen helps promote the use of liquefied petroleum gas rather than other fuels, mainly coal. It therefore helps reduce air pollution in nearby cities like Beijing and Tianjin,” said Rashad-Rudolf Kaldany, IFC director for oil, gas, mining and chemicals investments. The company will also support the conversion of vehicles from gasoline to liquefied petroleum gas fuels, helping to further improve urban air quality.
Zhong Chen’s Chairman, Mr. Ma Hong Shun commented, “Partnership with IFC can help Zhong Chen become a major marine infrastructure service provider in the region.”
The mission of IFC, (
www.ifc.org
) is to promote sustainable private sector investment in developing countries, helping to reduce poverty and improve people’s lives. IFC finances private sector investments in the developing world, mobilizes capital in the international financial markets, helps clients improve social and environmental sustainability, and provides technical assistance and advice to governments and businesses. From its founding in 1956 through 2003, IFC has committed more than $37 billion of its own funds and arranged $22 billion in syndications for 2,990 companies in 140 developing countries. IFC’s worldwide committed portfolio as of 2003 was $16.8 billion for its own account and $6.6 billion held for participants in loan syndications.
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