Sinopec and BP seal US$ 1.1 billion deal for JV in China.

David Nealis

Sinopec and BP seal US$ 1.1 billion deal for JV in China.
Sinopec will build a RMB 7 billon (US$1.1billion) petrochemical complex in the southwest China city of Chongqing with British oil firm BP Plc and South Korea's SK Group. According to a statement released by Chinese government source, the three companies signed a memorandum of understanding for the project which will include a 600,000 ton-a-year acetic acid plant and a 200,000 ton per year BDO facility. The acetic acid plant will be built by a JV that's 51% owned by BP, 44% held by Sinopec and 5% by Chongqing Energy Investment Group. According to a statement released by SK Group their joint venture with Sinopec will invest in the BDO plant, and will be 50 percent owned by each firm.

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