03 June 2004 12:48 [Source: ICIS news]
LONDON (CNI)--British industrial gases group BOC said Thursday it has agreed to form a joint venture in Shanghai, China, with Sinopec Shanghai Petrochemical Co (SPC).
The venture, to be based in the Jinshan District, will take over SPC's industrial gases business, which currently produces about 3000 tonne/day (around 1m tonne/year) of separation gases. It will later build a new worldscale air separation unit.
There was no-one immediately available at BOC to give further details of the planned new air separation plant or the likely overall budget for the joint venture.
BOC said in a statement that the joint venture will support SPC's fast-expanding petrochemicals business and those of additional customers in Jinshan District, which includes the major Shanghai Industrial Chemical Park.
SPC, Sinopec’s largest subsidiary, is one of the largest petrochemical companies in China, producing refined oil products, intermediate petrochemicals, synthetic fibres and plastics. It is also the largest ethylene and acrylic fibre producer, and one of China's most important producers of oil products, resins and synthetic fibres.
The SPC joint venture will be BOC's second industrial gases venture with a Sinopec company. Two years ago, BOC and Sinopec Yangzi Petrochemical Corp (YPC) formed Nanjing BOC-YPC Gases Co (BYG) to meet expanding industrial gases demand in Nanjing, China. BYG has entered into long-term supply agreements with two major industrial gases users in the area - YPC and its joint venture with Germany's BASF. Both have large petrochemical complexes in Nanjing Chemical Industry Park.
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