08 December 2011 05:03 [Source: ICIS news]
SHANGHAI (ICIS)-China’s petrochemical giant Sinopec is planning to build a joint venture (JV) 1.8m tonne/year coal-to-olefins project in Henan province, central China, a source close to the company said on Thursday.
Sinopec and Henan Coal Chemical Group will set up a joint coal-to-chemical company, which will be 51% owned by Sinopec, according to the source.
The coal-to-olefins project will cost an estimated yuan (CNY) 21bn ($3.30bn), the source said, without providing further details.
“We have not decided on the construction date because it is still in the initial process,” the source said.
($1 = CNY6.37)
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