Chemical major BASF and China Petroleum & Chemical Corporation (SINOPEC Corp) signed a $500 million (4 billion RMB) agreement to expand their joint chemical Verbund site in Nanjing.
The agreement was formalized by Mr. Chen Tonghai, Chairman of China Petroleum & Chemical Corporation (SINOPEC Corp.), and BASF s Chairman of the Board of Executive Directors, Dr. J rgen Hambrecht, during a signing ceremony in Berlin.
"The expansion of BASF-YPC Co Ltd is the result of our continuous successful cooperation during the first phase of the project, and fits the development of both parties, while further strengthening the cooperation between Sino-German enterprises," said Chen Tonghai.
"The success of this joint venture is symbolic of the strong partnership between BASF and SINOPEC, and between Germany and China," said Hambrecht. "This latest strategic investment again demonstrates our long-term commitment to China's growing chemical market."
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BASF has been a committed partner to Greater China since 1885. It is one of the biggest foreign investors in the Chinese chemical industry. The company currently has over 4,000 employees and operates 16 wholly owned subsidiaries and eight joint ventures.
In order to stay in tune with local markets, the company maintains eight offices in Hong Kong, Beijing, Shanghai, Guangzhou, Nanjing, Qingdao, Chengdu and Taipei. In 2005, BASF achieved sales of close to EUR 2.8 billion inGreater China.
The agreement was formalized by Mr. Chen Tonghai, Chairman of China Petroleum & Chemical Corporation (SINOPEC Corp.), and BASF s Chairman of the Board of Executive Directors, Dr. J rgen Hambrecht, during a signing ceremony in Berlin.
"The expansion of BASF-YPC Co Ltd is the result of our continuous successful cooperation during the first phase of the project, and fits the development of both parties, while further strengthening the cooperation between Sino-German enterprises," said Chen Tonghai.
"The success of this joint venture is symbolic of the strong partnership between BASF and SINOPEC, and between Germany and China," said Hambrecht. "This latest strategic investment again demonstrates our long-term commitment to China's growing chemical market."
Click here to read more details:
BASF has been a committed partner to Greater China since 1885. It is one of the biggest foreign investors in the Chinese chemical industry. The company currently has over 4,000 employees and operates 16 wholly owned subsidiaries and eight joint ventures.
In order to stay in tune with local markets, the company maintains eight offices in Hong Kong, Beijing, Shanghai, Guangzhou, Nanjing, Qingdao, Chengdu and Taipei. In 2005, BASF achieved sales of close to EUR 2.8 billion inGreater China.
