BOC and Shanghai Petrochemical (SPC), a subsidiary of Sinopec Group, have signed an agreement to form a 50/50 industrial gases joint venture (JV).
The pair entered into a contract to supply industrial gases to SPC and nearby users in Shanghai, China.
The JV will invest more than US$80m in acquiring four air separation units (ASU) from SPC and building a new large ASU capable of producing 1,400 tonnes a day of oxygen. The JV will supply SPC and third party markets a total of more than 5,000 tonnes per day of oxygen, nitrogen and argon.
We are very honoured that SPC has selected BOC as its partner. We believe the joint venture will become a major industrial gas supplier in the region, supporting SPCs growing business, said Steven Fang, business unit head responsible for managing BOCs large tonnage schemes in China.
... to continue reading you must be subscribed
