BP and Sinopec to sign a joint venture contract for their Nanjing acetic acid plant
BP and Sinopec/YPC announced in Beijing that they had signed a joint venture contract to build a 500,000 tonne per year acetic acid plant in Nanjing, Jiangsu province. Located in Nanjing, at the heart of the Yangtzi Delta this world-scale joint venture is expected to be on stream in the second half of 2007. The plant will incorporate BP's world leading CATIVA(r) technology and the equity split between BP and Sinopec is 50:50. The Sinopec investment will take place through the Yangtzi Petrochemical Company, a majority owned Sinopec Corporation subsidiary.
Lord Browne, group chief executive of BP plc. said: "Working together, Sinopec and BP have demonstrated their capability to deliver world class investment opportunities at the world class standards to supply the rapidly expanding petrochemicals market in China. Our joint investment in a new acetic acid plant serves as a further evidence of BP's long term commitment to China and our strategic partnership with Sinopec."
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