venture ethylene project in Tianjin is another achievement of the constantly developing cooperation in recent years between our two global companies. It has set a new standard of collaboration between the two parties. Sinopec will, together with SABIC, jointly strengthen our current cooperation and maintain long-term strategic partnership-to make the JV an outstanding platform for the expansion of future cooperation and the development of our friendship with SABIC.” In addition to the immediate expansion of local production, the complex will upgrade the chlorine-alkaline industry in Tianjin and promote economic development of New Binhai District and Tianjin municipality. Initial estimates indicate the JV project will support an annual GDP increase of more than four percent in Tianjin and trigger investment of an additional RMB 100 billion Yuan (US $14.8 billion) in downstream and associated industries.
