Shanghai Petrochemical forms JV with BP on development of ethane project

Lu Yiping, chairman and general manager of Shanghai Petrochemical (0338), said a joint venture was expected to be set up this year with a total investment of US$270 mln, of which China Petroleum & Chemical Corporation (0386) accounted for 30% and Shanghai Petrochemical (0338) accounted for 20%.  He said relevant financing scheme was set: 30% from shareholders and the rest 70% borrowed from banks 

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