Sinopec in US$3.3 bln JV to make olefins from methanol in Henan province

Sinopec Group plans to invest US$3.3 bln (21 billion yuan) in a joint venture project in Henan province by the end of 2011 to further tap into the coal-to-chemical sector. Sinopec Group will hold a 51% stake in the methanol-to-olefins joint venture and the Henan government will hold the balance 49% to produce 1.8 mln tpa. In another similar project Sinopec will hold a 49% stake and the local government will hold 51%.
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