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news.Sinopec, a China-based refiner and BASF, a German chemical company, are planning to expand their joint project, a chemical production facility in Nanjing, capital of Jiangsu province.
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The companies have earmarked an estimated total of $1.4bn for the expansion. They have begun the expansion at BYC in September 2009. According to Johnny Kwan, board chairman of BASF in Greater China, once the expansion of the joint venture BASF-YPC (BYC) is complete, it would produce specialty chemicals to multiple industries such as construction, electronics, pharmaceuticals and automotive.
Mr Kwan added: “The move conforms with China’s stimulus plan for the petrochemical industry. It underscores our strong belief in the growth opportunities of the Chinese market and is another milestone in cooperative development.
“We will be able to help our customers in China make their industries, businesses and homes more energy efficient. We provide not only products but also full solutions to our customers. In supporting their plans for energy efficiency and pollution control, we forge closer ties with them.”