Shanghai Petrochemical Baling Petrochemical established a joint venture company

On September 7, the joint venture contract signed by Shanghai Petrochemical and Baling Petrochemical came into effect on the same day
.
According to the content of the contract, Shanghai Petrochemical will contribute 400 million yuan in cash, and Baling Petrochemical will also contribute 400 million yuan in cash, with both parties holding 50% of the equity in the joint venture
.

The joint venture company is named Shanghai Jinshan Baling New Materials Co.
, Ltd.
, with a registered capital of 800 million yuan.
It is mainly engaged in the production and sales of new thermoplastic styrene (TPS) materials and their raw materials, intermediate products and by-products
.

It is reported that Baling Petrochemical is a subsidiary of Sinopec Group Corporation.
It is a super-large petrochemical enterprise that produces synthetic rubber, synthetic plastics, synthetic fibers and other organic chemical products with petroleum refining as its "leader".
It is the largest styrene butadiene styrene in China.
Block copolymer (SBS), epoxy resin, caprolactam and commercial cyclohexanone production enterprises, with an annual production capacity of 4 million tons
.
Shanghai Petrochemical is a holding subsidiary of Sinopec, one of the largest integrated refining and chemical enterprises in China, and an important domestic production base for refined oil, intermediate petrochemicals, synthetic resins and synthetic fibers
.