Witnessed by Chinese President Hu Jintao, Communist Party of Vietnam General Secretary Nong Duc Manh and Vietnamese President Nguyen Minh Triet, General Manager Wang Shihong of China Huanqiu Contracting and Engineering Corporation (a subsidiary of CNPC) and General Manager Du Wenfei of Vietnam Chemicals Group (a company under the Vietnamese Industry Ministry) signed the master contract for the Meitou chemical fertilizer project located in Ningping, Vietnam on November 16, 2006.
Meitou chemical fertilizer project comprises installations for an annual output of 320,000 tons of compounded ammonia and 560,000 tons of carbamide, cycling water, air-separation and air-compression, as well as a 36 megawatt power station. The contract value is about US$432 million. The project is expected to be completed and become operational in three and a half years.