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Chemical Week Magazine :: New Construction Projects

Sumitomo buys stake in planned Cepsa phenol unit at Shanghai

7:22 AM MDT | May 9, 2014

Sumitomo says it has agreed to acquire a minority share in Cepsa’s (Madrid) chemical subsidiary at Shanghai, and the resulting company will be a 75-25 joint venture between Cepsa and Sumitomo. 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 boost and that this...

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