Sinopec Shanghai Petrochemical, Sinopec, jv with BP at 22.45 bln yuan

Sinopec Shanghai Petrochemical Co Ltd said the company and parent China Petroleum and Chemical Corp (Sinopec)(0386) have agreed to set up an ethylene joint venture with BP Chemicals East China Investments. Sinopec Shanghai Petrochemical said the investment of the jv will be about 22.45 bln yuan, and Sinopec Shanghai Petrochemical will take a 20 pct stake with Sinopec holding a 30 pct stake and BP holding the remaining 50 pct.

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