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22

Sinopec to Establish Venture with DuPont

Chinese energy giant Sinopec said on Friday it had set up a chemicals joint venture

Chinese energy giant Sinopec said on Friday it had set up a chemicals joint venture with US-based DuPont that is due to start operations in late 2008.

The tie-up with a unit of the US firm will produce resins widely used in the production of packaging, adhesives, shoes and clothes.

The joint venture, located at an existing Sinopec plant in Beijing, will have an annual capacity of around 60,000 tonnes, the Chinese firm said in a statement on its website.

Sinopec will have a 55 percent stake in the new company while DuPont Packaging and Industrial Polymers will hold the remainder, the statement said, without providing the size of investment.

Sinopec said the new company was intended to "meet the fast-growing demand on the Chinese market".