Sinopec and Petrochina mull ethylene project in the Middle East

China Petrochemical Corp (Sinopec) and China National Petroleum Corp (Petrochina) are in talks with companies in the Middle East to set up a joint venture ethylene facility. A partnership is being considered with a state-owned oil firm such as Kuwait Petroleum, Saudi Basic Industries or Saudi Arabian Oil The facility will be located in the region at an estimated investment outlay of US$5 bln. The Chinese plan to finalize a plan by year-end or early 2009.
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