Sinopec in deal with BP

China Petroleum and Chemical Corp (Sinopec) have signed a contract with a British firm yesterday to build a petrochemicals complex that is expected to be the largest of its kind in Asia when it comes on stream in 2005. Under the USD 2.7 billion deal, BP Chemicals controls 50% of the Shanghai-based joint venture. Sinopec takes a 30% stake while Sinopec subsidiary Shanghai Petrochemical Co. takes the remaining 20%. The venture is expected to be set up in mid-September, with the aim of developing the capacity to produce 900,000 tons of ethylene a year.

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