Dow, Sinopec in $3b deal<\/p>\n
BEIJING (AFP): U.S-based Dow Chemical Co. has signed a letter
\nof intent with China Petrochemical Co. (Sinopec) to set up a
\nthree billion dollar joint venture in the northeastern city of
\nTianjin, the China Daily reported yesterday.<\/p>\n
The integrated petrochemical complex, with a projected annual
\ncapacity of 600,000 tons of ethylene, would also make related
\nproducts such as polyethylene and resin.<\/p>\n
But Dow president William Stavropoulos was quoted as saying
\nthat Monday's signing was \"just an easy start. We all know the
\nfollow up will be a hard, tedious negotiation.\"<\/p>\n
The proposed 50-50 venture is subject to feasibility studies
\nand government approvals. It will not begin production until
\nafter 2000, the report said.<\/p>\n
The signing marks the third major petrochemical venture
\nannounced by Sinopec and a foreign partner since last year.
\nGermany's BASF signed a letter of intent in early 1996 for a six
\nbillion dollar plant in eastern China's Nanjing.<\/p>\n
And last October, British Petroleum Development Co. inked
\nplans for a $2.5 billion ethylene facility in Shanghai.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/dow-sinopec-in-3b-deal-1447893297",
"image": ""
},
"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
}