JINSHANWEI, CHINA — Shanghai Petroleum Co. Ltd. plans to open China's biggest polyolefins production facility early in 2002 — a 552 million-pound-per-year polyethylene plant in Jinshanwei, near Shanghai. SPC, part of the state-run China Petrochemical Co. (Sinopec) and one of the nation's largest petrochemical companies, said the new plant will help to reduce China's PE imports.
Borealis A/S of Lyngby, Denmark, is supplying production know-how through the sale of its Borstar technology license — the first sold in China. A unit of Milan, Italy-based Montedison SpA is providing engineering services.
The two suppliers signed a deal Feb. 21 with Sinopec.
SPC, which is listed on the Shanghai Securities Exchange, as well as the Hong Kong and New York stock exchanges, is based in Jinshanwei, where it operates an integrated petrochemical complex.
Svein Rennemo, Borealis chief executive officer, called the deal "an important milestone" in the group's development as a global polyolefins and technology supplier.