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SINOPEC, SAUDI BASIC INDUSTRIES TO BUILD US$1.7 BLN JV PLANT.
BEIJING, Feb 1 Asia Pulse - Saudi Basic Industries Corporation (SABIC) said it signed Thursday a framework agreement with China Petroleum and Chemical Corporation (Sinopec) (SEHK:0386, SSX:600028, NYSE:SNP, LSE:SNP) to build an ethylene derivatives plant with an annual production capacity of one million metric tons.
The two companies would hold an equal 50 per cent stake in the US$1.7 billion joint venture in north China port city of Tianjin.
The plant, construction of which was expected to be finished in September 2009, would ...
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