China Petroleum & Chemical Corp, or Sinopec, has agreed to build a 4.44 billion yuan (US$577 million) chemical plant with US-based Lyondell Chemical Co to tap rising domestic demand.　

The plant, to be built in Ningbo in east China's Zhejiang Province, will produce propylene oxide and styrene, Sinopec said in a statement. The chemical compounds are used as raw materials for products including car seats, waterproof leisure wear and insulation.

The factory will be able to turn out 285,000 tons of propylene oxide and 620,000 tons of styrene a year when operations start in the end of 2009, with annual sales exceeding 10 billion yuan.

Sinopec said the project is its first cooperation with Lyondell and Lyondell's first manufacturing investment in China.

Source:佚名