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BP signed a framework agreement for the construction of PTA plant

November 14/2011

(ICIS) -- UK oil giant BP has signed a framework contract agreement with the Zhuhai municipal government in China for the construction of a $600m (?432m) purified terephthalic acid (PTA) plant in Guangdong province the companys third at the site, a government source said on Monday. The agreement on the 1.25m tonne/year plant was signed on Sunday, the government source said. BPs joint venture with Chinese conglomerate Zhuhai Fuhua Group BP Zhuhai will operate the plant. BP holds an 85% stake in the joint venture company, while Zhuhai Fuhua holds the remaining 15%. BP officials could not be reached for comment on the project.

The third plant will increase BP Zhuhais total PTA capacity 2.95m tonnes/year, making the Zhuhai municipality one of the worlds biggest production bases for the chemical, the government source said.

BPs PTA project is still subject to the approval of National Development and Reform Commission (NDRC), which oversees and approves infrastructure investments in China, the source from the Zhuhai local government said.

Perspectives of development of polymer markets, pricing issues and other important aspects will be discussed at The Polymers Summit-2011, which will be held in Moscow on November 30, 2011 at the Ritz Carlton Hotel. The Summit will be organized by MRC with the support of ICIS. The main idea of the Summit is to find a "the golden mean" between producers and converters. When producers receive exactly such margin of production, which helps them to invest in production expansion in order to substitute polymers imports, and the converters receive such price of feedstock that helps them to compete imported finished products. The Summit site gives an access to the live video of the Summit, speakers" presentations, as well as opportunities to ask questions or make appointments to any Summit partcipant.

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