$1.4b expansion for joint Sinopec-BASF project

Beijing - On the outskirts of Nanjing, capital of Jiangsu province, a joint project between China's largest refiner Sinopec and German chemical company BASF is undergoing a new round of expansion. A total of $1.4 billion has been budgeted for the expansion, making it the leading chemical production site in China.

The move conforms with China's stimulus plan for the petrochemical industry, said Johnny Kwan, board chairman of BASF Greater China. "It underscores our strong belief in the growth opportunities of the Chinese market and is another milestone in cooperative development."

After the expansion the joint venture, BASF-YPC Co Ltd (BYC), will be able to produce specialty chemicals serving multiple industries such as construction, electronics, pharmaceuticals and automotive, said Kwan. "We will be able to help our customers in China make their industries, businesses and homes more energy efficient."