BP and Sinopec have signed a joint venture contract to build a 500,000 tonne per year acetic acid plant in China.
BP and Sinopec have signed a 50: 50 joint venture contract to build a 500,000 tonne per year acetic acid plant in Nanjing, Jiangsu province - one of the most dynamic regions in economic development in China.
The new plant, expected to be on stream in the second half of 2007, will incorporate BP’s CATIVA technology.
The Nanjing plant will become part of BP’s high growth acetyls and aromatics petrochemicals business, retained in BP’s Refining and Marketing business segment.
BP and Sinopec already operate the Yaraco acetic acid joint venture in Chongqing, China. This plant’s capacity is currently being expanded from 200,000 to 350,000 tonnes per annum.
Earlier in the week, BP and Kuwait Petroleum International signed a memorandum of understanding to investigate future joint development opportunities in China and elsewhere in Asia.
BP and KPI, the international refining and marketing arm of state-owned Kuwait Petroleum Corporation, have agreed to co-operate in areas such as supply, refining, distribution and marketing to China and neighbouring countries.
