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LG International to acquire stake in Chinese coal-based urea plant

8:44 AM MDT | July 31, 2013 | Natasha Alperowicz

LG International (Seoul) says it will acquire a 29% stake in a coal-based urea plant owned by Boyuan Group (Jiaxing City, China). The deal follows a memorandum of understanding signed by LG and Boyuan in April last year to develop a coal chemicals business. LG is expected to pay $92 million for its stake in the facility, currently being built by Boyuan’s subsidiary Bodashidi Chemical in the industrial zone of Nalinriver, Wushen, Inner Mongolia, China. The plant, with capacity for 940,000 m.t./year of urea, is expected onstream by end of this year. It will...

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