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PICC-led consortium to insure ethene project

By Hao Zhou (chinadaily.com.cn)
Updated: 2007-09-14 09:43

Related publication: Related readings:  Zurich banks on insurance market  CIRC mulls rules for pension insurance management  Regulators plan environmental liability insurance

PICC Property & Casualty Insurance Company and another four property insurers have inked a contract with Sinopec's Fujian Refining and Petrochemical Co Ltd to insure its ethene project last week, the China Insurance News reported.

The insured amount will top 20 billion yuan (US$2.66 billion), making it the largest petrochemical project insurance in China this year. PICC Property insured the biggest stake, 40 percent, while the other 60 percent was partaken by China Pacific Property Insurance, Ping An Property and Casualty Insurance, Huatai Insurance, and Yongcheng Property Insurance.

The ethene project of Fujian Refining and Petrochemical Company is also backed by Exxon Mobil (China) Corp and Saudi Arabian Oil Company, with a total investment of more than 35 billion yuan. The project was launched last year and is scheduled for completion in 2009.

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The full text is available in the September Issue ofChina Insurance.