BEIJING, Nov. 5, 2009 (Xinhua News Agency) -- Sinopec (NYSE:SNP) Corp. (SNP.NYSE; 0386.HK; 600028.SH) Thursday held an inauguration ceremony for the construction of an industrial base of petrochemical new materials and technologies in Beijing, which is targeted to realize an industrial production value of 120 billion yuan by 2015.

The base, located in the suburban Fanshan district of Beijing, will be jointly built by Sinopec and Beijing municipal government. It was based on the memorandum of understanding signed between Sinopec and Beijing municipal government in July to build a strategic cooperative partnership.

Sinopec's Yanshan Petrochemical will invest 20 billion yuan into the base within three years. The company contains a refining capacity of 11 million tons per year and ethylene production capacity of 800,000 tons per year.Sinopec Lubricant Company has already relocated into the base.