Sinopec Agrees on Refinery and Petrochemical JV

Sinopec and the port authority of Lianyungang, China have agreed to form a joint venture that will build a refinery and petrochemical complex at Lianyungang, Chinese press reports say. Sinopec will have a 70% stake in the jv and the port authority will hold the rest, according to the terms of the agreement. The petrochemical complex will include a 1-million m.t./year ethylene plant and a 1-million m.t./year para-xylene unit, reports say. Further details were not disclosed, but Sinopec and the port authority reached a preliminary agreement in 2009 for the project...

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