China's largest petrochem JV : Shanghai Secco Petrochemical Co. Ltd. announces completion

China's largest petrochemical joint-venture, Shanghai Secco Petrochemical Co Ltd, announced its mechanical completion. The project commenced construction in March 2002, and is expected to begin operations in March 2005. Sinopec holds 30% stake, SPC accounts for 20%, and BP holds the balance 50% stake in the project with a combined investment of US$2.748 billion. The production capacities stand at : 900,000 tpa of ethylene and over 2 million tons of other related petrochemical products including polyethylene, propylene and polypropylene. China reached an ethylene production capacity of 5.9 million tons in 2003, and the figure is expected to top 6.6 million tons this year. More than 50% of the needs are met by imports. The establishment of Secco would not exert a great impact upon the world's ethylene demand and supply.
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