China Knowledge reported that Germany-based BASF AG, the world largest chemical company and China Sinopec, Asia largest oil refiner jointly put the second phase of a USD 1.4-billion chemical project located in Nanjing, Jiangsu Province, into operation.

BASF-YPC Co, a joint venture between the two petrochemical giants, started construction on the second phase of the same project in September 2009 which is designed to have an annual output capacity of 3 million tons of chemical products including polymer.

The two partners also announced on Tuesday regarding the start of work on new projects in China with a total investment of USD 1 billion.

BASF said it plans to begin construction on a new polymer plant in China at the middle of this year and put the plant into operation in early 2014.

Another three major chemical plants are in the pipeline, which includes a 160,000-ton acrylic acid facility with an estimated on-stream time in 2015.

(Sourced from China Knowledge)