Firms cooperate to build plant
By Richard Fu |
February 26, 2011, Saturday
|
Print Edition
Print Edition
SINOPEC and Royal DSM will invest 500 million yuan (US$76 million) to build a plant in east China for composite resins to meet demands of the auto and wind power industries.
The 100,000-ton-a-year plant will be built in Nanjing, Jiangsu Province, through the joint venture - in which DSM holds a 75 percent stake, the Dutch life and material sciences company said yesterday. Production of the resins will start next year.
For several years in a row, demand for composite resins in China has been larger than production, DSM said. Composite resins, used in end-markets such as cars and wind blades, can make such products lighter.
Michael Effing, president of DSM Composite Resins, said China's market for composite resins will grow from 1 million tons last year to 1.7 million tons in 2015, more than that of Europe and the United States combined.
Separately, Sinopec's parent company yesterday said it will buy a 15 percent stake in Australia Pacific LNG Pty - a venture between ConocoPhillips and Origin Energy Ltd - and will receive 4.3 million tons of liquefied natural gas annually for 20 years through the investment.
Sinopec Group has signed non-binding agreements with ConocoPhillips and Origin Energy, which will see their stakes in the venture fall to 42.5 percent each. It did not specify the value of the deal.
Under the agreement, Sinopec and Australia Pacific LNG intend to incorporate the agreed-on non-binding key commercial terms into binding agreements in the near future.
The Australia Pacific LNG project is based on coal seam gas reserves and resources in Queensland, with the first LNG cargo expected to be delivered in 2015, according to a statement released by Sinopec.
Su Shulin, president of Sinopec, said the deal will help Sinopec diversify its natural gas supply and meet the rapidly increasing customer demand for the gas in China.
China has seen rapid growth in demand for liquefied natural gas in recent years. According to statistics from the National Energy Administration, China's natural gas consumption rose more than 20 percent in 2010 to 110 billion cubic meters with imports of LNG up 75 percent to 9.34 million tons.
The 100,000-ton-a-year plant will be built in Nanjing, Jiangsu Province, through the joint venture - in which DSM holds a 75 percent stake, the Dutch life and material sciences company said yesterday. Production of the resins will start next year.
For several years in a row, demand for composite resins in China has been larger than production, DSM said. Composite resins, used in end-markets such as cars and wind blades, can make such products lighter.
Michael Effing, president of DSM Composite Resins, said China's market for composite resins will grow from 1 million tons last year to 1.7 million tons in 2015, more than that of Europe and the United States combined.
Separately, Sinopec's parent company yesterday said it will buy a 15 percent stake in Australia Pacific LNG Pty - a venture between ConocoPhillips and Origin Energy Ltd - and will receive 4.3 million tons of liquefied natural gas annually for 20 years through the investment.
Sinopec Group has signed non-binding agreements with ConocoPhillips and Origin Energy, which will see their stakes in the venture fall to 42.5 percent each. It did not specify the value of the deal.
Under the agreement, Sinopec and Australia Pacific LNG intend to incorporate the agreed-on non-binding key commercial terms into binding agreements in the near future.
The Australia Pacific LNG project is based on coal seam gas reserves and resources in Queensland, with the first LNG cargo expected to be delivered in 2015, according to a statement released by Sinopec.
Su Shulin, president of Sinopec, said the deal will help Sinopec diversify its natural gas supply and meet the rapidly increasing customer demand for the gas in China.
China has seen rapid growth in demand for liquefied natural gas in recent years. According to statistics from the National Energy Administration, China's natural gas consumption rose more than 20 percent in 2010 to 110 billion cubic meters with imports of LNG up 75 percent to 9.34 million tons.
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