Issue Date: February 4, 2008
Sabic, Sinopec To Form Joint Venture
As expected, Saudi Basic Industries Corp. and China Petroleum & Chemical Corp. (Sinopec) have signed a preliminary agreement to form an as-yet-unnamed, equally owned ethylene derivatives joint venture in Tianjin, China. The venture furthers SABIC's global diversification ambition. The $1.7 billion complex, to be completed by September 2009, will include a 600,000-metric-ton-per-year polyethylene unit and a 400,000-ton-per-year ethylene glycol unit. Ethylene feedstock will come from a nearby ethylene cracker owned by Sinopec subsidiary Tianjin Petrochemical.
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