BASF and China Petroleum & Chemical Corporation announced that they together have submitted the technical and commercial feasibility study for the approval of the planned US$900 million expansion of their joint chemical Verbund site in Nanjing to the Chinese government.
The site is operated by the joint venture BASF-YPC Company. The completion of the study was formalized by Wang Tianpu, president of China Petrochemical Corporation and Dr. Martin Brudermüller, member of the board of executive directors of BASF SE, at a signing ceremony in Beijing.
"The completion of this feasibility study report marks an important step in the cooperation between Sinopec and BASF at BYC. Sinopec will fully support the growth of BYC, which is expected to make significant contribution to meet domestic market demand." said Wang.
Both companies also agreed to integrate another joint operation Yangzi-BASF Styrenics in Nanjing into BYC to increase efficiency and make full use of existing synergies.