BP holds a 51 per cent stake in the venture, and Sinopec owns 44 per cent
Oil giant BP and China's biggest oil refiner Sinopec yesterday announced the successful expansion of the joint acetic acid plant in Southwest China's Chongqing Municipality by 75 per cent through a further investment of 1.2 billion yuan ($148 million).
Prior to completion of the expansion an initial investment of 1.6 billion yuan ($197 million) was made by BP and Sinopec in order to purchase production facilities for 200,000 tons of acetic acid and 80,000 tons of esters annually.
The completed petrochemical plant, the Yangtze River Acetyls Co Ltd (YARACO), is now able to produce 350,000 tons of acetic acid annually.
The investors are also building storage and transportation infrastructure to ensure the delivery of products to the target market in the east coastal areas, company officials said yesterday in Chongqing.
BP holds a 51 per cent stake in the venture, and Sinopec owns 44 per cent through its local subsidiary in Sichuan Province, with the remaining 5 per cent belonging to a local investment company in Chongqing.