China National Chemical, Blackstone launch jv in Beijing

BEIJING- China National Chemical Corp (ChemChina) announced that China Bluestar (Group) Co Ltd, its joint venture in Beijing with the Blackstone Group, has been launched officially.

Bluestar, one of ChemChina's subsidiaries, will be transformed into a Sino-foreign joint venture. US-based Blackstone is investing 600 mln usd in the project for a 20 pct stake in the new company.

ChemChina and Blackstone signed a cooperation agreement in September 2007. It was approved by the government in December.

Bluestar, which is mainly engaged in new chemical materials production, has three units listed on the Shanghai and Shenzhen exchanges.


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