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Sinopec, Japan's Mitsui Chemicals launch JV in China

May. 30, 2012 (China Knowledge) - Sinopec Corp<600028><0386><SNP>, the largest refiner in Asia by capacity, and Japan-based Mitsui Chemicals Inc, has set up a 50-50 joint venture to start a petrochemical project in China.

In a statement, Sinopec said the JV, named Shanghai Sinopec Mitsui Elastomers Co, will build and operate an ethylene-propylene diene terpolymer, or EPT, plant with annual output capacity of 75,000 metric tons at Shanghai Chemical Industry Park.

The EPT plant, which would cost around RMB 2 billion or US$317 million, is expected to start operation in the first quarter of 2014, said a person familiar with the matter, adding that EPT is used for electrical as well as temperature insulation in an array of automobile parts and electric cables.

Another Sinopec’s JV, established with Spanish oil giant Repsol YPF SA, said the company has discovered a large hydrocarbon reserve in the Campos Basin, Brazil.

The reserve is estimated to hold more than 1.2 billion barrels of oil equivalent, sources reported.

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