The UK's BP confirmed the creation of a joint-venture with the Chinese petrochemical group SINOPECQ with a view to building an ethylene production complex in China. The cost of the operation is estimated to be around 2.5 million dollars. The joint-venture will be based in Shanghai with BP having a 50% stake, SINOPEC controlling 30% and the SHANGHAI PETROCHEMICALS CO, a subsidiary of SINOPE, 20%.