ZTE to build bio-energy complex in Tianjin

China announced on June 1 that ZTE Energy Co. Ltd., subsidiary of ZTE Corp., has signed an agreement with the Tianjin Municipality to build a bio-energy complex in the municipality’s Nangang Industrial Zone. The US$194 million complex will include biodiesel and ethanol plants capable of producing up to 100,000 tons of each product annually. The government estimates that the complex will generate annual sales revenues of RMB6.4 billion (US$936.56 million) and annual profits of RMB500 million (US$73.17 million). The complex will also be home to a biotechnology research institute and storage tanks for biodiesel and ethanol. The parties have not yet decided on a timetable for construction. (June 2, 2009)