China Petroleum and Chemical Corporation (Sinopec Corp.) and Saudi Basic Industries Corporation (SABIC) have signed a Heads of Agreement (HOA) towards forming a joint venture company. The total investment outlay will approximate at US$1.7 bln. This 50:50 joint venture will invest in a 1 mln tpa ethylene derivatives complex (600,000 metric tons of polyethylene and 400,000 metric tons of Ethylene Glycol) to be set up in Tianjin.
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Friday, February 01, 2008
SABIC and Sinopec Corp. sign agreement to form 50:50 joint venture
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