New waste treatment venture founded for industry park
A new joint venture has been formed by Shanghai Chemical Industry Park (SCIP), Shanghai Automotive Industry Corporation Motor Co Ltd (SAIC Motor) and SUEZ NWS to deal with hazardous waste from the automotive sector and enterprises inside the industry park, according to a statement from SUEZ NWS on Wednesday.
The name of the newly established joint venture has yet to be approved by government authorities. SCIP and SAIC Motor are contributing 35 percent of investment for the joint venture respectively, while SUEZ NWS holds 30 percent of investment.
The joint venture will undertake the investment, construction and operation of the hazardous waste treatment facility in the SCIP, providing hazardous waste treatment services for production sites of SAIC Motor in Shanghai and enterprises inside the industrial park.
So far, they have sealed a joint project to construct a treatment facility, totaling 450 million yuan (US$ 64.06 million). The construction of the joint project will begin in first quarter of 2021 and be completed by late 2022. Treatment capacity will reach 40,000 tons per year.
SUEZ NWS first partnered with SCIP in water management in 2002. A year later, it expanded the cooperation to include hazardous waste treatment. These two projects have been recognized as success stories of third-party environmental governance in China's industrial parks, which paved way for the newly inked cooperation.
The SCIP hosts primarily petroleum and natural gas chemical industries and facilitates further processing and production of petroleum-based products.
Multinationals such as Covestro, BASF, Evonik, Huntsman, Mitsubishi Gas Chemicals and top Chinese firms such as Sinopec, Shanghai Petrochemical, Sinopec Gaoqiao Petrochemical and Huayi Group currently reside in the park.
SAIC Motor is China’s largest A-share-listed company in the automotive industry. Its wholly owned subsidiary, Shanghai Automobile Asset Management Co Ltd, covers four major business segments: asset management, creative industries, energy and the environment and power recharging, which has experience in solid, liquid and gas waste treatment.