07 January 2010 08:41 [Source: ICIS news]
GUANGZHOU (ICIS news)--Saudi Basic Industries Corp (SABIC) and Chinese state-owned Sinopec, plan to start up their new joint venture ?xml:namespace>
Downstream facilities including polyethylene (PE), ethylene glycol, polypropylene (PP), butadiene, phenol & butene-1, would start up once operations at the cracker are stable, the source said. The cracker had undergone test runs in late December, market sources said.
Market sources added that producers were speeding up production recently in view of rallying PE and PP prices.
The cracker would get naphtha feedstock from Sinopec’s newly-started
Sinopec and SABIC would each own and sell half of the chemical products from the 50:50 JV, the source said, adding SABIC has a sales arm in Shanghai.
Sinopec would likely target domestic markets and SABIC may move some to other Asian countries and the
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