BASF (ETR:BAS) and Sinopec to Invest US$1.4 Billion in Nanjing Project Expansion
The Chinese government has approved the feasibility study report on the expansion of the joint venture between its listed subsidiary China Petroleum and Chemical Corporation (NYSE:SNP)(SHA:600028)(HKG:0386) and BASF in Nanjing city.
Sinopec and BASF in March 2008 had reached an agreement to spend US$900 million to expand the 50-50 joint project. The two companies now plan to spend 56 per cent more because of higher costs and extra facilities. The biggest portion of the cost changes is related to the expansion of the steam cracker.
China Petroleum & Chemical Corporation (SINOPEC)