14 March 2012 08:05 [Source: ICIS news]
SINGAPORE (ICIS)--China’s Shanxi Sanwei and Haoxin Chemical are planning to set up a joint venture to produce and sell maleic anhydride (MA), according to a statement by Shanxi Sanwei to the Shenzhen Stock Exchange on Wednesday.
Shanxi Sanwei and Haoxin Chemical will hold a 65% and 35% stake, respectively in the new joint venture, which will be called Sanwei Haoxin Chemical, the statement said.
The registered capital of the joint venture will be at yuan (CNY) 100m ($15.8m), the statement added.
Shanxi Sanwei said the joint venture is mainly to meet the feedstock demand of its 75,000 tonne/year butanediol (BDO) plant at the petrochemical complex in Hongdong in Shanxi province.
The BDO plant will need 150,000 tonnes/year of MA, according to the statement.
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