Sinopec-Infineum Additive Venture EstablishedShanghai High-Lube Additives Co. Ltd, a joint venture between Gaoqiao Petrochemical Corp. of China Petroleum & Chemical Corp.(Sinopec Corp.) and Infineum, was set up Monday.The joint venture, located in the Pudong New District in Shanghai, aims to produce high-grade package lubricant additives to meet the country's increasing demand. Its annual production capacity is designed at 20,000 tons. With a total investment of 12 million U.S. dollars, the venture is expected to go into formal operation in a year. Gaoqiao, built in 1950, currently has a crude primary processing capacity of 7.6 million tons yearly. Its annual capacity will be expanded to 10 million tons next year. In 2000, the company produced 230,000 tons of finished lubricants. Infineum, a joint venture between ExxonMobil and Shell,leads in the production and sales of additives for fuels and lubricants in the world. At present, Infineum has two joint ventures in China. The other is the operating Jinzhou Jinex Lubricant Additives Co. Ltd in northeast China's Liaoning Province. |
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