Hong Kong – Two affiliates of Chinese energy giant Sinopec are setting up a joint venture company to manufacture styrene thermoplastic elastomer new materials in Shanghai.
Shanghai Petrochemical and Baling Petrochemical, both subsidiaries of the Sinopec, have signed an agreement to set up the 50/50 JV with a contribution of RMB400 million (€52 million) each, Sinopec announced in a 27 Aug filing with the Hong Kong Stock Exchange.
Shanghai Jinshan Baling New Material Co. Ltd will produce materials such as solution styrene butadiene rubber (SSBR), styrene butadiene styrene (SBS) and styrene block copolymers including SIS, SEBS, SEPS, the filing added.
Furthermore, the plant will manufacture the elastomer’s feedstock, intermediate products and by-products, it added.
The filing did not provide further details on the production capacity or the construction timeline of the plant.