Article: China : Oil Giants Announce Partners.

Byline: manish03

China Petroleum & Chemical Corporation (Sinopec) (600028.SH, 0386.HK, NYSE:SNP) and Saudi Basic Industries Corporation (SABIC) have formed a 50/50 joint venture, Sinopec SABIC Tianjin Petrochemical, Sinopec announced November 3. The JV, with total investment of RMB 18.3 billion, will produce 3.2 million metric tons (MT) of petrochemicals per year, according to the announcement.

Sinopec also announced it has secured a supply agreement with Exxon Mobil (NYSE:XOM) subsidiary Esso Highlands of 2 million MT of liquefied natural gas (LNG) yearly. Sinopec will build a LNG receiving terminal in Qingdao, Shandong province, the report said citing ...

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