Related News
Firms seal US$1.1b project deal
By Richard Fu |
February 23, 2012, Thursday
|
Print Edition
Print Edition
SINOPEC will build a 7 billion yuan (US$1.1 billion) petrochemical complex in Chongqing in southwest China with British oil major BP Plc and South Korea's SK Group.
The three companies signed a memorandum of understanding yesterday 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 joint venture that's 51 percent owned by BP, 44 percent held by Sinopec and 5 percent by Chongqing Energy Investment Group. An equally-owned venture between SK and Sinopec will invest in the BDO plant, according to SK.
Acetic acid is a key organic chemical feedstock in the petrochemical industry, used in textile, pharmaceutical and pesticide production. BDO, or bio-butanediol, is used as a solvent in producing polymers, solvents and fine chemicals.
The complex may consume about 440 million cubic meters of natural gas per year, according to a joint statement. Sinopec holds large gas reserves in Chongqing and the southwestern province of Sichuan.
The partners have completed a feasibility study for the project and submitted it to the government for approval, and intends to complete the project in phases in 2015.
The three companies signed a memorandum of understanding yesterday 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 joint venture that's 51 percent owned by BP, 44 percent held by Sinopec and 5 percent by Chongqing Energy Investment Group. An equally-owned venture between SK and Sinopec will invest in the BDO plant, according to SK.
Acetic acid is a key organic chemical feedstock in the petrochemical industry, used in textile, pharmaceutical and pesticide production. BDO, or bio-butanediol, is used as a solvent in producing polymers, solvents and fine chemicals.
The complex may consume about 440 million cubic meters of natural gas per year, according to a joint statement. Sinopec holds large gas reserves in Chongqing and the southwestern province of Sichuan.
The partners have completed a feasibility study for the project and submitted it to the government for approval, and intends to complete the project in phases in 2015.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
