BASF and Sinopec to further invest in their JV

BASF-YPC Co. Ltd. is one of the largest Sino-foreign petrochemical joint venture projects in China, with a total investment of US$2.9 billion. BASF, a world leader in the chemical industry, and China Petroleum & Petrochemical Corporation (Sinopec) have decided to further invest in their 50:50 joint venture integrated chemical project in Nanjing, east China. Currently, the 220-hectare site is designed to produce 1.7 million metric tpa of chemicals and polymers for the rapidly growing Chinese market. The Nanjing site is an integral part of the company's strategy for the Asia-Pacific region. Its smooth and successful start-up has prompted both the partners to invest in additional downstream plants and in the expansion of the steam cracker. Nanjing is expected to make substantial contribution to BASF's goal of achieving 10% of its global sales in the chemical business in China by 2010.