02 November 2009 07:29 [Source: ICIS news]
GUANGZHOU (ICIS news)--Asia’s biggest refiner Sinopec and Japan’s Mitsui Chemicals have entered into a preliminary agreement to invest yen (Y) 60bn ($667m) to build a phenol plant and an ethylene-propylene terpolymerisate (EPT) rubber plant, Sinopec said on its online newswire on Monday.
According to local media reports, the 250,000 tonne/year phenol plant and the 75,000 tonnes/year EPT rubber factory in Shanghai would become operational by 2013.
However, officials from the two companies were not immediately available for comments.
Sinopec and Mitsui Chemicals currently own a 50:50 joint venture that runs a 120,000 tonne/year bisphenol A (BPA) plant in Shanghai. The successful operation of the joint venture had prompted the decision to expand cooperation to phenol and other downstream derivatives, Sinopec said.
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