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China National Chemical Engineering Unit Provides 2.7-Billion-Yuan Guarantee for UAE Project

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China National Chemical Engineering (SHA:601117) subsidiary Seventh Construction will provide a guarantee of about 2.71 billion yuan to its Abu Dhabi-based subsidiary, EES Co.

The guarantee is for the ADNOC TA'ZIZ Salt & Chemicals engineering, procurement and construction project in the U.A.E, according to a Thursday filing with the Shanghai bourse. The $1.99-billion project involves building an integrated facility over 40 months.

Shares of the engineering and construction company were down 1% in recent trade.

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