Business Services Industry
CHINA: JOINTLY-FUNDED PETROCHEMICAL PLANT PROJECT WITH USD1.7BN SETTLED IN TIANJIN.
IPR Strategic Business Information Database, February, 2008
According to fdi.gov.cn: Recently, Saud, board chairman of Saudi Basic Industries Corporation (SABIC) and Su Shulin, board chairman of Sinopec entered into a framework agreement in Beijing, which stood as the first step of building a petrochemical plant with investment of USD1.7bn in Tianjin jointly.
It was known that both parties held 50 percent shares of the joint venture, which would build an annually1,000,000 tons ethylene derivatives production line (600,000 tons of polyethylene and 400,000 tons of ethylene glycol) in Tianjin. The overall raw materials for the production of ethylene would be from ethylene cracking devices possessed by Tianjin Petrochemical Corporation, a sole subsidiary of Sinopec. The total investment of the project would amount to USD1.7bn...
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