BP, Sinopec and SPC celebrate SECCO completion
BP, Sinopec and Shanghai Petrochemical Company, the three parties in the SECCO joint venture, celebrated the successful construction and commissioning of the $2.7bn SECCO manufacturing site at a ceremony in Shanghai, following a decade-long collaboration.
The 220-hectare SECCO facility, the largest petrochemical complex in China to date, was built in just 27 months, 3 months ahead of schedule. Commissioning of SECCO's 900ktpa cracker, in March 2005, took just 10 hours, 45 minutes, a world record.
The site's production capacities are 900ktpa of ethylene, 600ktpa of polyethylene, 250ktpa of polypropylene, 300ktpa of polystyrene and 260ktpa of acrylonitrile. The ethylene cracker, SECCO's core asset, is currently the largest in China as well as one of the largest in the world.
Ralph Alexander, CEO of BP's petrochemicals subsidiary, Innovene, which is expected to hold a significant interest in the joint venture, commented, "When SECCO's shareholders first came together, they shared a common vision: to create a truly world-class company serving China's rapidly growing demand for petrochemicals, using the best technology, manufacturing methods and management expertise available. Now, nearly a decade later, that vision has been realised. This is truly one of the most impressive achievements I have witnessed in my 28 years at BP."
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