China-based LCD (Liquid Crystal Display) panel maker BOE Technology has signed a framework agreement with the Mianyang Government in Sichuan, China, on an AMOLED (Active Matrix Organic Light Emitting Display) project worth 46.5 billion RMB (US$6.87 billion; US$1=6.75 RMB), according to BOE's announcement on October 30. To run this project, BOE and the Mianyang Government will set up a joint venture with paid-in capital of 26 billion RMB (US$3.78 billion), of which 6 billion RMB (US$873.3 million) will come from BOE. The new facility, which is slated to begin operation in 2019, is designed to churn out 48,000 glass substrates of size 1,500mm×1,850mm per month, making BOE the second panel maker in the world in possession of AMOLED technology. The company said that the AMOLED panels will mainly be used in small and medium-sized devices.