BASF, Sinopec to invest $1.4bn in Nanjing JV expansion

07 July 2009 04:08  [Source: ICIS news]

SINGAPORE (ICIS news)--Germany's BASF and China's Sinopec will invest $1.4bn (€1bn) to construct 10 new chemical plants and expand their joint venture cracker in Nanjing, the petrochemical giants said in a statement on Tuesday.

The capacity of the companies’ steam cracker at Nanjing in eastern China would be raised to 740,000 tonnes/year by 2011 from the current 600,000 tonnes/year, while various new downstream derivative units would be set up, they said.

The petrochemical complex at Nanjing is operated by BASF-YPC, a 50:50 JV between BASF and Sinopec’s flagship subsidiary Yangzi Petrochemical Co.

“Engineering work for the expansion is in full swing,” the companies said.

($1 = €0.72)

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By: Bohan Loh
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