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Sinopec, BP and SK to start RMB 7-bln project in Chongqing

Feb. 28, 2012 (China Knowledge) - Sinopec<600028><386><SNP>, Asia's largest oil refiner, has signed a memorandum of understanding with British BP PLC and South Korea-based SK Global Chemical to build a large chemical production base in Chongqing with a total investment of RMB 7 billion.

The proposed base, which will be located in the city's Changshou Economic & Technology Development Zone, is expected to consume 440 million cubic meters of natural gas to produce chemical products, with estimated pre-tax profit totaling approximately RMB 2 billion per year.

The chemical project would be entirely completed at the beginning of 2015 with a designed annual output capacity of 200,000 tons of butanediol, used to make spandex and synthetic leather, and 600,000 tons of acetic acid and materials as a solvent to produce acetate and synthetic fiber.

In the first three quarters of 2011, Sinopec reaped RMB 59.96 billion in net profit with operating revenue increasing 31.3% from a year earlier to RMB 1.88 trillion. Earnings per share were RMB 0.692, up 6.3% year on year.

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