Lanzhou LS Heavy Equipment Terminates EPC Project Amid Client's Bankruptcy

MT Newswires Live

06/30

Lanzhou LS Heavy Equipment (SHA:603169) terminated its Panjin Haoye 3.6 million-ton heavy oil hydrogenation engineering, procurement and construction project.

The development was 95% complete but stalled due to project owner Panjin Haoye Chemical recently entering bankruptcy liquidation, according to a Tuesday filing with the Shenzhen bourse.

The company invested and recovered 312.9 million yuan on the project, while the remaining funds of 8.2 million yuan will be used as working capital

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