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At present, the two sides have set up a working group and launched follow-up work. Liao Tong Chemical has invested in some of its existing petrochemical assets and is the largest shareholder of the joint venture company. Angola Petroleum has invested in cash and is the second largest shareholder of the joint venture company.
According to reports, Angola's National Oil Company is a wholly-owned state-owned company controlled by Angola and the sole owner of oil exploration and development concessions in Angola. Liaotong Chemical Industry Co., Ltd. is a super large-scale chemical enterprise that is led by the petrochemical industry and supported by the fertilizer industry.
Liaoning Huajin Tongda Chemical Co., Ltd. issued an announcement last week that the company's board of directors plans to discuss its joint venture with Angolan national oil company in the near future. The two parties intend to establish a petrochemical company in a joint venture in Liaoning.