Shi Weicheng, General Manager of GeoMaxima Fengyou Petrochemical Company has reported that the company's petrochemical production base, the largest in western China's Ningxia Autonomous Region, will begin construction soon in Yinchuan, capital city of Ningxia.

GeoMaxima Fengyou Petrochemical is a subsidiary of Hong Kong registered energy dealer GeoMaxima Holdings.
Total investment in the base amounted to RMB 2.8 bln (USD 338.16 mln). The first phase of the project will occupy an area of about 1.35m sq meters, which was purchased from the local government, according to  Li Shaojun, a senior official with Yinchuan Land Reserves Center.
The first-phase of the project will be capable of producing 400,000 tonnes of synthetic ammonia, 450,000 tonnes of methanol and 700,000 tonnes of urea annually.
Shi also revealed that GeoMaxima Fengyou Petrochemical has another ten projects in Ningxia with over RMB 20 bln ($2.42 bln) in investments.
All of these projects are scheduled to be completed in eight years. GeoMaxima Fengyou Petrochemical Co. Ltd. was previously a joint venture. 
Now, however, it is  wholly owned by its Hong Kong parent company, GeoMaxima Holdings.