BASF and SINOPEC announced the official opening of their Verbund site in Nanjing, China, at a joint news conference today. The new Verbund site is being run by BASF-YPC Co. Ltd. and is the largest petrochemical project between SINOPEC and a foreign company, with a total investment of $2.9 billion.
“Our project will play an important role in enhancing the international competitiveness of China's petrochemical industry, and will definitely contribute to the rapid, balanced and healthy development of Nanjing and East China's economy,” said Cheng Tonghai. SINOPEC Group's General Manager and Chairman of the Board.
BASF-YPC Co. Ltd. is an integral part of BASF's strategy for the Asia Pacific region, BASF Chairman Dr. Jürgen Hambrecht explained: “The successful accomplishment of a such a large scale project is due to the tremendous efforts of our employees, our partners and in particular due to the support of the Chinese and German governments. The site will make a substantial contribution to our goal of achieving 10 percent of our global sales in the chemical business in China by 2010.”
Due to the smooth and successful start-up, BASF and SINOPEC will invest in additional downstream plants and in the expansion of the steam cracker at their joint venture site in Nanjing to further strengthen the Verbund synergies. The expansion plans were announced today before the opening ceremony.
marketing@alchempro.com
