On 23 July 2015, the Reignwood Group and Sinopec Engineering Group signed an MOU in Beijing for the joint development of a huge new industrial park in East Kalimantan, Indonesia. The park will house coal chemical plants, steel mills, shipyards and ports. Total investment for the project is expected to range between $18-20bn.
The industrial park is supported by Asia Infrastructure Investment Bank and China Development Bank. It is being showcased as a key transaction under China’s “One Belt, One Road” initiative, which seeks to facilitate infrastructure investments and trade ties via a land route and sea route from Mainland China to Europe through the Malacca Straits.
The MOU signing ceremony between the Chairman of the Reignwood, Dr. Chanchai Ruayrungruang and the Deputy Chairman of Sinopec, Dong Lu, was witnessed by His Excellency Soegeng Rahardjo, Indonesian Ambassador to China; Deputy Director-General Xuedong Li of the Department of International Cooperation of China’s National Development and Reform Commission; Pak Ari S Hudaya, President and CEO of the Indonesian coal conglomerate PT. Bumi Resources Tbk.; as well as Jesse TH Chang, Founder & CEO of ChinaGoAbroad and Managing Partner of TransAsia Lawyers.
The Reignwood Group is a PRC-based multinational with diversified investments in key growth industries around the world. Sinopec Engineering Group is China’s leading oil-refining, petrochemical and coal-chemical engineering company.
ChinaGoAbroad and TransAsia Lawyers are honored to be appointed to provide strategic transactional advice and legal services, respectively, to the Chairman of the Reignwood Group.