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BREAKING NEWS

Germany's BASF says in MOU with China Sinopec to build steam cracker in Nanjing

Germany's BASF says in MOU with China Sinopec to build steam cracker in Nanjing
FILE PHOTO: Flags of the German chemical company BASF are pictured in Monheim, Germany April 20, 2012. REUTERS/Ina Fassbender/File Photo -
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Ina Fassbender(Reuters)
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BEIJING (Reuters) - German chemical giant BASF <BASFn.DE> said on Monday it has signed a memorandum of understanding with China's Sinopec Corp <600028.SS> to build a steam cracker with annual capacity of one million tonnes in the eastern Chinese city of Nanjing.

The German firm said a joint pre-feasibility study on the cracker will be concluded by end-2018.

Additionally, the companies will explore new business opportunities in China's fast-growing battery materials market, it said.

(Reporting by Chen Aizhu; editing by Richard Pullin)

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