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DUPONT, SHINEWAY COMPLETE PHASE I OF SOYBEAN PROTEIN PROJECT LUOHE, Mar 18, 2004 (SinoCast via COMTEX) -- DuPont, an America-based science company, and Shineway Group, a Chinese company engaged in meat processing, cooperated on a soybean protein project in ShinewayIndustrial Park, Luohe City, Henan Province. The phase I construction of the project has come to an end. It is the first project DuPont and Shineway have ever cooperated on, with an expected investment of CNY 251.75 million (USD 1 = CNY 8.2772 as of March 17, 2004). The project was started in the August of 2003. CNY 63.75 million was poured into the PhaseI construction, and CNY 188 million into Phase II. At present, the Phase I construction is in the process of testing and is expected to be brought on stream at the end of the month. The annual output of concentrated soybean protein will be 5,500 tons once the production begins, with expected revenue of CNY 60.97 million, pre-tax profits of CNY 25.64 million. The Phase II construction is planned to start in the first halfof 2004 and the production will begin in 2005. Once the production of the two phases operates simultaneously, the annual sales revenue will reach CNY 270.97 million, and pre-taxprofits CNY 67.64 million.
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