China's Sinopec in chemical joint venture with DuPont unit
China Petroleum & Chemical Corp., or Sinopec, has formed a chemicals joint venture with a unit of U.S. company DuPont Co., it said Friday.
By Agencies |
BEIJING: China Petroleum & Chemical Corp., or Sinopec, has formed a chemicals joint venture with a unit of U.S. company DuPont Co., it said Friday.
Production of ethylene vinyl acetate resins _ used in products such as packaging, adhesives, footwear and clothing _ is due to begin late next year at a new plant to be built by the venture, Sinopec said.
``The new facility will help meet fast-growing demand for EVA products in China,'' Sinopec said in a statement on its Web site.
Sinopec will own 55 percent of the joint venture, which will have an annual capacity of around 60,000 tons. The remaining 45 percent will be owned by DuPont Packaging & Industrial Polymers.
No details were given on the level of investment involved. The new plant will be located at the existing facility of Sinopec Beijing Yanshan Co. in Beijing, Sinopec said.
Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
