China Petroleum & Chemical Corp. (Sinopec) and Saudi Basic Industries Corp. (Sabic) have signed a nonbinding document outlining the main issues for a tentative 50-50 joint venture to build a USD 1.7 billion ethylene derivatives complex in Tianjin, China. The proposed complex would produce 1 million tonnes/year of ethylene derivatives – 600,000tns/yr of polyethylene and 400,000tns/yr of ethylene glycol- and is proposed to be completed by September 2009. All of its ethylene feedstock would be supplied by Tianjin Petrochemical Co., a branch of Sinopec.
