Sinopec Breaks Ground in Tianjin on US$1pt75bn Project

China Petrochemical Corporation (Sinopec Group) announced Wednesday that the corporation's joint venture with Saudi Basic Industry Corporation (SABIC), Sinopec SABIC Tianjin Petrochemical Company Limited, celebrated the foundation laying of its 260,000 ton polycarbonate project in Tianjin, Global Times reported.

The total investment of the project will be about 11 billion yuan ($1.75 billion). The project was approved by the National Development and Reform Commission on January 13, 2012. Given the rapid development of the electronics, automobile, information and construction material industries of China, demand for engineering plastics such as polycarbonate is increasing, the newspaper said.