The hottest Shanghai Petrochemical and BP set up a

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Sinopec Shanghai and BP set up an ethylene joint venture

the ethylene joint venture between Sinopec Shanghai and BP Amoco was established in the middle of this year. The feasibility study report has been completed and submitted to the relevant competent department for approval. In this joint venture, Shanghai Petrochemical accounts for 20% of the shares, Sinopec 30% and BP Amoco 50%. After completion, the ethylene production capacity will be 900000 tons/year, with a total investment of 2.7 billion yuan (326 million US dollars), 70% of which is bank loans submitted to the first draft of the "1035" plan framework to the sixth five councils

with the joint venture put into operation in 2005, the ethylene production capacity of Shanghai Petrochemical will reach 2million tons/year

Shanghai Petrochemical expects the capital expenditure in 2001 to reach 5.2 billion yuan (US $628 million), an increase of 225% over last year. It is mainly used for the company's phase IV ethylene expansion project plan (the company has invested 6.5 billion yuan during the year). For this purpose, the company must ensure that the bank loan is 4billion yuan. At present, the bank loan has reached 3.3 billion yuan and the government financial allocation has obtained 380million yuan

the fourth phase ethylene expansion project is planned to be completed in the first half of 2002, when the annual ethylene production capacity of Shanghai Petrochemical will be increased from 400000 tons to 700000 tons. Compact

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