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Sinopec Signs Agreement With KMG

Mahima Mehta by Mahima Mehta
November 7, 2023
in Asia, Events, Latest News, World
Reading Time: 1 min read
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Sinopec Signs Agreement With KMG

China-based Sinopec has entered an equity agreement with KazMunayGas JSC (KMG) for a 30% stake in a polyethylene project in Kazakhstan, according to a statement issued by Sinopec.

The project is situated at Atryau in Western Kazakhstan. And has a design of annual capacity of 1.25mn tons each year, according to a statement.

Earlier, the two companies had agreed on the primary terms in the month of May 2023.

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The project’s total cost is reportedly USD7.7bn.

The company plans to start the plant’s construction in H224, as per Kazinform.

The announcement came when Kazakh’s President Kassym-Jomart Tokayev visited Beijing and met President Xi of China. They discussed increasing cooperation in trade and investment at the Belt and Road Forum.

Also according to a Sinopec statement, both the companies have also signed a pre-feasibility joint development agreement in order to study the possibility of investing in Phthalic acid and polyethylene terephthalate plants at Kazakhstan.

 

Source: https://sybridge.com/know-your-materials-polyethylene/
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Mahima Mehta

Mahima Mehta

Welcome to the insightful world of chemical knowledge! I'm Mahima Mehta, a seasoned content writer with a passion for all things chemical. With 15 years of experience in the industry, I've dedicated myself to bringing you the latest developments, in-depth analysis, and engaging narratives from the realm of chemistry.

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