4 Nov 2009 07:40

Sinopec, SABIC set up JV to run Tianjin petrochemical complex

Shanghai. November 4. INTERFAX-CHINA - China Petrochemical Corp. (Sinopec Group), China's largest oil refiner, has set up a joint venture with Saudi Basic Industries Corp. (SABIC) to operate a new petrochemical complex in Tianjin Municipality, Sinopec Group announced on Nov. 4.

Sinopec Group and SABIC each invested half of the RMB 18.3 billion ($2.68 billion) cost of the complex, which will be able to produce 3.2 million tons of petrochemicals annually, including 1 million tons of ethylene, Sinopec Group announced on its Web site. The joint venture, Sinopec SABIC Tianjin Petrochemical Co. Ltd., was established on Nov. 3.

Sinopec Group said that the project, which started construction in 2006, will be put into operation soon.

In addition, Sinopec Group and the Russian oil and gas giant Rosneft signed an agreement in October to build a refinery in Tianjin with an annual crude oil processing capacity of 10 million tons. The agreement also includes building between 300 and 500 service stations in China.