Sinopec, Mitsui Chemicals to Build Petrochemical JV
SHANGHAI, May 29, 2012 (SinoCast Daily Business Beat via COMTEX) --
Copyright 2008 SinoCast Daily Business Beat. All rights reserved
China Petroleum & Chemical Corp. (Sinopec; 0386.HK) May 29 announces that it will join forces with Japan's Mitsui Chemicals to set up a 50-50 joint venture with registered capital being CNY 630 million, which is known as Shanghai Sinopec Mitsui Elastomers Co., Ltd.
With a total investment of about CNY 2 billion, the venture will mainly produce and sell ethylene-propylene rubber products.
The venture will build an EPT (ethylene-propylene-diene terpolymer) plant with an annual capacity of 75,000 tons in the Shanghai Chemical Industry Park, expected to be operational in the first quarter 2014. The new plant will adopt metallocene catalyst technology, and it will be the most advanced and the world's largest one.
Sinopec points out that China's ethylene-propylene rubber apparent consumption hit 237,400 tons and imports reached 223,000 tons in 2011; import dependence ratio remained high.