China: BP invests in energy

BP has signed a number of agreements covering investments totalling around USD 1 billion which will deepen its presence in the growing Chinese energy market. BP signed a heads of agreement to build a 500,000 tonnes a year acetic acid plant in Nanjing, Jiangsu province, through a 50/50 joint venture with Sinopec. The plant, which will incorporate BP’s Cativa technology, is expected to come on stream by the end of 2006 and supply acetic acid for use in such products as fibres, paint, adhesives, pharmaceuticals and printing inks in eastern China. – The company also signed a letter of intent to examine the viability of expanding production at the BP Zhuhai PTA plant from 350,000 tonnes a year to 1.2 million tonnes a year. The plant, which is located at Zhuhai in the Pearl River Delta, is a joint venture between BP (85%) and the Fu Hua Group (15%) and came on stream in September 2003.

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