Wednesday, October 17, 2007

Sinopec close to selling ethylene unit stake to SABIC

from Bloomberg

China Petroleum and Chemical Corp., Asia's biggest refiner, is close to an agreement to sell a stake in a $2.8 billion ethylene plant in northern China's Tianjin city to Saudi Basic Industries Corp. The partners will build the plant that will produce 1 million metric tons of ethylene a year, Tianjin Vice Mayor Liang Dongliang said in Beijing today. SABIC, as the world's biggest chemical maker by market value is known, plans to expand in China to tap the nation's rising demand for products used in the making of auto-parts, packaging and plastics. China will account for 25% of global chemical demand by 2015, according Exxon Mobil Corp., the world's biggest publicly traded oil company.

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