Sinopec builds new petrochemical materials base in Beijing

Sinopec Corp. held an inauguration ceremony for the construction of an industrial base of petrochemical new materials and technologies in Beijing, which is targeted to realize an industrial production value of 120 billion yuan (US$17.58 billion) by 2015. The base, located in the suburban Fanshan district of Beijing, will be jointly built by Sinopec and the Beijing municipal government. Sinopec’s Yanshan Petrochemical will invest 20 billion yuan (US$2.93 billion) into the base within three years. The company has a refining capacity of 11 million tons per year and ethylene production capacity of 800,000 tons per year. Sinopec Lubricant Co. has already relocated into the base. (November 23, 2009)