Wed, November 04, 2009
BEIJING, Nov. 4 (Xinhua) -- Asia's largest refiner, Sinopec Corp. (Sinopec), and Saudi Basic Industries Corp. (SABIC) has inaugurated their new petrochemical complex in north China's Tianjin, China Daily reported Wednesday.
The two companies had formed a 50-50 joint venture, Sinopec SABIC Tianjin Petrochemical Co Ltd, to build and operate the facility, which can produce 1 million tonnes of ethylene annually and cost 18.3 billion yuan (about 2.6 billion U.S. dollars), the newspaper said.
The complex includes a 1-million-tonne ethylene cracker, along with eight downstream units and utilities, which have been tested and are ready to begin production by the first quarter of next year.
The project will produce 3.2 million tonnes of chemicals annually, including 1 million tonnes of ethylene, as well as other downstream products such as polyethylene, ethylene glycol, polypropylene, butadiene, phenol, and butene-1.
Products manufactured by the project will mainly be sold on the domestic market, but exports are also likely in future. Sinopec and SABIC may also build other joint petrochemical projects, in China or Saudi Arabia, according to Sinopec President Wang Tianpu.
Sinopec plans to add 12 million to 15 million tonnes of refining capacity each year in the next three years and continue to expand its refineries in Shanghai, Yangzi, Jinling, Shijiazhuang, Changling, Maoming and Anqing, Wang said.
