Bayer investment projects in Chongqing await approval

The environmental watchdog in southwest China's Chongqing municipality has received an environmental evaluation report on planned investment projects by Bayer MaterialScience, sources said Wednesday.

The projects that await approval from the Chongqing Municipal Environmental Protection Bureau include a 30,000-ton polyurethane project and a 20,000-ton polycarbonate project, according to sources with the bureau.

Bayer MaterialScience, a subsidiary of Bayer Group, signed the investment agreement with the Chongqing government in May 2011.

According to the agreement, the projects will be constructed at the Changshou Economic and Development Zone in Chongqing, with a first-phase investment of $60 million.

The projects are expected to be operational in October 2013, and the products will cater to the material demand for the local manufacturing of automobiles, refrigerators and information technology products.

Sales revenue from the two projects is expected to hit $170 million annually.

China is currently the second-largest market in the world for Bayer MaterialScience in terms of sales.