Petrochemical supplier to China’s Dushanza Petrochemicals project to be acquired by Dushansanzi Petro chemical company
China’s PetroChemicals has agreed to acquire SadaraPetrochemical Company in a deal valued at $3.3 billion, according to people familiar with the matter.
SadaraPetrol has developed a new petrochemically-based product line that includes an ethanol and petrol-based oil.
The deal includes the acquisition of Sadarapetrochemical as well as the development of a new ethanol-based petrol-derived product line, these people said.
PetroChem’s new petrol-based line will include a blend of its two existing oils and its new ethyl alcohol-based ethanol oil, the people said, declining to be identified because the deal is private.
The company plans to expand its production of ethanol-fueled cars, the companies said.
China has been growing its petrofuels production for a long time, and PetroCans efforts to get a foothold in the U.S. market has also attracted attention in recent months.
The U.N. Food and Agriculture Organization estimates China has nearly a third of the world’s crude oil reserves, and China’s President Xi Jinping is pushing for a new domestic refinery to replace the existing Tianjin facility.
Sadaraprochemical has been involved in refining ethanol since 2014, and it has already developed an ethanol fuel for cars.
The oil and ethanol are currently used in gasoline-powered vehicles in China.
Petros Petrochemical Company, a unit of Chinese conglomerate Sinopec, is a major petrochemist.
It is the world leader in petro-chemical processing.
Petrol is a fuel, and in recent years it has gained a foothold as the cheapest form of petroleum in use around the world.
It’s used in cars and trucks worldwide, including for electric vehicles, electric vehicles with batteries and electric vehicles without batteries.
Petroleum has also been growing at a slower pace than the rest of the global economy, especially in Asia, where it’s seen growing demand.
In the U., China’s overall petro chemical market is projected to grow from a peak of about $2.3 trillion in 2010 to about $5.7 trillion in 2019.