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

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By Reuters
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   -   Copyright  Ina Fassbender(Reuters)

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)