Chinese Government Approves Sinopec Petchem JV with Sabic

Sinopec says it has received official approval from the National Development and Reform Commission (Beijing) for the previously announced petrochemical joint venture with Sabic at Tianjin, China. The two companies signed an agreement in 2008 for the 50-50 jv, which will involve an investment of about $3 billion. The complex, which is currently under construction, will have a total production capacity of about 3.2 million m.t./year of various petrochemical products including 1 million m.t./year of ethylene and other downstream products such as polyethylene...

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