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Sinopec and Sabic Sign Tianjin Deal

3:51 AM MST | January 31, 2008 |

Natasha Alperowicz

China Petroleum and Chemical Corp. (Sinopec; Beijing) and Saudi Basic Industries Corp. (Sabic; Riyadh) today signed a heads of agreement (HOA) toward forming a previously announced joint venture company at Tianjin, China. The 50-50 joint venture will invest $1.7 billion in two petrochemical plants at Tianjin, which will be designed to produce 600,000 m.t./year of polyethylene and 400,000 m.t./year of ethylene glycol. Ethylene feedstock will be supplied to the plants by Tianjin Petrochemical Co., a Sinopec subsidiary. The complex is scheduled for completion in...

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