China Petroleum & Chemical Corp, or Sinopec, Asia s biggest refiner, is close to an agreement to sell a stake in a 21 billion yuan ethylene plant in the northern city of Tianjin to Saudi Basic Industries Corp. This agreement, if signed, will support Sabic's plans to expand in China to tap rising demand for products used in the making of auto parts, packaging and plastics. China will account for 25% of global chemical demand by 2015. The plant, in which Sabic will invest US$1 billion, was planned to be operational by the end of September 2009.
