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Sumitomo buys stake in Cepsa phenol project at Shanghai

9:58 AM MDT | April 11, 2014 | Francinia Protti-Alvarez

Sumitomo has agreed to acquire a minority share in Cepsa Química China (Shanghai), and the resulting company will be a 75-25 joint venture between Cepsa (Madrid) and Sumitomo, the latter announced today. The agreement will combine Sumitomo's Asian market trading capabilities with Cepsa's petrochemical experience, Sumitomo says. The decision means that Sumitomo is taking a 25% stake in a phenol complex that Cepsa has been building at Shanghai since 2011, Sumitomo adds. "We are convinced that our business activities in China will experience a major...

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