Sinopec, Mitsui Chemicals Form Petrochemical Joint Venture In China

China Petroleum & Chemical Corp. (0386.HK), or Sinopec, said Tuesday it has formed a joint venture with Mitsui Chemicals Inc. (4183.TO) for the development of a petrochemical project in China.

Shanghai Sinopec Mitsui Elastomers Co., a 50:50 joint-venture between the two firms, will build an ethylene-propylene-diene terpolymer production plant in Shanghai Chemical Industry Park with annual production capacity of 75,000 metric tons, Sinopec said in a statement.

The total investment of the project is CNY2 billion (US$317 million) and commercial production is expected to start in the first quarter of 2014, the statement said.

Mitsui chemicals wasn't immediately available for comment.