British-based BP AMOCO (BP), the 3rd largest petroleum enterprise in the world, will invest another US$128 million in Yangtze River Acetyls Co. Ltd,BP's largest acetyls joint venture in China.

David A. Henley, vice-president of BP China and chairman of Yangtze River Acetyls Co. Ltd said here that the joint-venture, which is located in the Chongqing municipality, was jointly set up by China and the UK with an investment of US$200 million in 1999.

The enterprise netted a profit of US$3 million in the first year.

Since the anticipated goal had been reached in advance and the products had huge market demand, BP decided to take two more steps towards further investment in Yangtze River Acetyls Co. Ltd.

The first step is in full swing. BP has invested US$28 million developing new products including ethyl acetate and butyl acetate. After the second half of 2002, the annual output is expected to reach 80,000 tons.

Before 2004, BP will invest anotherUS$100 million to ensure Yangtze River Acetyls Co. Ltd to be the largest Acetyls production factory in China.

Since Chongqing became the country's fourth municipality four years ago, its infrastructure construction including transportation and electricity has greatly improved. The government's efficient administration and preferential tax policies have attracted a large number of overseas enterprises.