BASF-YPC to go ahead with US$1.3 bln refinancing plan for ethylene expansion

BASF-YPC Company Ltd. - a JV between Germany's BASF and China's Sinopec, based in Jiangsu Province, plans to go ahead with a US$1.3 bln refinancing plan to facilitate construction expansion plans at its existing site. The company plans to expand existing steam cracker capacity by 25% along with new downstream production facilities at an estimated project cost of over US$500 mln. The Industrial & Commercial Bank of China and the Agriculture Bank of China will oversee RMB and USD arrangements while three other Chinese banks will be the lenders for the refinancing. Upon completion of the expansion project, BASF-YPC's ethylene capacity is expected to increase to 750,000 tpa from the current 600,000 tpa. BASF-YPC is BASF's largest project outside Germany. The US$2.9 bln joint venture is equally financed by both groups. The integrated petrochemical company consists of upstream plants, including a 600,000 tpa ethylene plant and downstream plants producing ethylene glycol, low density polyethylene and oxo-alcohols.
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