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China approves BASF, Sinopec report

The Chinese government has given its approval to the Joint Feasibility Study Report proposed by BASF AG and China Petroleum and Chemical Corp. (Sinopec). This is for the planned expansion of the joint venture BASF-YPC Co. Ltd. (BYC) in Nanjing, China. Both companies will invest approximately US$1.4 billion in advance technological equipment to create downstream specialty chemicals particularly for the Chinese Market, benefiting a number of industries like construction, electronics, phamaceutical, automotive and chemical manufacturing and making the market competitiveness of the joint venture more powerful. (July 7, 2009)