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Yangtze, BASF to Launch Ethylene Project in Nanjing
Yangtze Petrochemical Company and Germany's chemical giant BASF is to launch an ethylene project in Nanjing, the capital city of east China's Jiangsu Province.
Construction of the project, estimated to cost US$ 2.65 billion, will start soon, according to an agreement signed in Nanjing recently.
The Chinese and German sides will each hold a 50-percent stake in the project, which plans to introduce nine sets of high-grade equipment. With naphtha as raw materials, the new firm is expected to produce 600,000 tons of ethylene and its derivatives annually.
The petrochemical project is scheduled for completion by the end of 2004.
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