China National Chemical Corporation (ChemChina) announced Monday that China Bluestar (Group) Co. Ltd., its joint venture in Beijing with the Blackstone Group, has officially launched.

Bluestar, one of ChemChina's subsidiary company groups, will be transformed into a Sino-foreign joint venture. U.S.-based Blackstone is putting 600 million U.S. dollars into the project for a 20 percent stake in the new company.

ChemChina and Blackstone signed the cooperation agreement in September 2007. It was ratified by the government in December.

A ChinaChem spokesman said the joint venture aimed at internationally-advanced technologies and would build high-tech chemical new materials equipment with self-owned intellectual property. It will draw on Blackstone's successful experience in the global chemical industry and its advanced management ideas.

ChemChina is one of the country's state-owned giant enterprises and a leading player in the global chemical industry. It ranked 28th among China's top 500 enterprises and 19th in global chemical enterprises.

Bluestar has three subsidiary companies listed on the Shanghai and Shenzhen exchanges.

(Xinhua News Agency October 6, 2008)