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Comment Business & Economics

Chinese government approves expansion in Nanjing

By Gerald Ondrey |

The Chinese central government has approved the Joint Feasibility Study Report submitted by BASF and SINOPEC for the expansion of their joint venture (JV), BASF-YPC Co., Ltd. (BYC), in Nanjing, China, as of July 1, 2009. BASF SE (Ludwigshafen, Germany; www.basf.com) and Sinopec Corp. (Beijing; www.sinopec.com.cn) will jointly invest approximately $1.4 billion in state-of-the-art technologies to produce downstream specialty chemicals for the Chinese market, serving multiple industries such as construction, electronics, pharmaceutical, automotive and chemical manufacturing. The investment, which includes the expansion of the existing steam cracker, the construction of ten new chemical plants, and the expansion of three existing plants, will strengthen the market competitiveness of the joint venture by broadening the product scope and further leveraging the advantages of the integration. Dr. Martin Brudermüller, member of the board of executive directors of BASF SE responsible for Asia Pacific, says, “The economically successful operation of the JV over the four years since startup has shown that close cooperation benefits both parties. The expansion of BYC underscores our strong belief in the growth opportunities of the Chinese…
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