Sinopec Group, the largest shareholder of Sinopec Corp., is a giant petroleum and petrochemical group incorporated by the State in 1998 based on the former China Petrochemical Corporation. Funded by the State, it is a State authorized investment arm and State-owned controlling company.

Tuesday, December 21, 2010

Sinopec, BASF sign MOU to expand capacity of Nanjing Petrochemical

Beijing, December 20th, 2010 - China Petroleum and Chemical Co. or Sinopec Corp. signed an MOU with German-based BASF to jointly add one billion US dollars of investment in expanding production capacity of their joint venture Nanjing Petrochemical in east China's Jiangsu province, according to a statement jointly released by the two companies.

The statement said the investment would be used to newly build acrylic acid unit with production capacity of 160,000 metric tons per year and a butyl acrylate plant.

Wang Tianpu, president of Sinopec Corp., said in the statement that the expanded production capacity would be able to satisfy the growing demand of new materials in east China and whole country as well.

BASF and Sinopec in 2000 established the joint venture BASF-YPC Company Limited with each holding 50 percent stake. - Xinhua
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