BEIJING (Reuters) - German chemical giant BASF (DE:BASFn) said on Monday it has signed a memorandum of understanding with China's Sinopec Corp (SS:600028) to build a steam cracker with annual capacity of one million tonnes in the eastern Chinese city of Nanjing.
The German firm said a joint pre-feasibility study on the cracker will be concluded by end-2018.
Additionally, the companies will explore new business opportunities in China's fast-growing battery materials market, it said.