ENN Energy invests in China glufosinate plant
Hebei Veyong Biochemical, a wholly owned agrochemical subsidiary of the private Chinese energy company, ENN Energy Holdings, has begun building a 1,000 tonnes/year manufacturing plant for the herbicide, glufosinate-ammonium. The project includes a planned investment of Yuan 255.3 million ($40 million at the current rate), and after its completion is projected to realise annual revenues of over Yuan 200 million ($31 million) and net profit of Yuan 31.4 million ($4.9 million). The construction is expected to be completed within 12 months. The plant will help ENN to expand its share of the herbicide market, the company says.