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Huntsman, Sinopec form joint venture in China

US chemicals maker Huntsman Corporation unveiled Tuesday a joint venture with a subsidiary of Chinese oil giant Sinopec to build and operate a chemical plant in China.

Huntsman will own 49 percent of the joint venture, Nanjing Jinling Huntsman New Materials, and Sinopec Jinling Company will hold 51 percent, the Texas-based company said in a statement.

The plant, to be built in Nanjing, will produce propylene oxide, a chemical used in the production of polyethers, the primary component of polyurethane foams.

It also will make methyl tertiary butyl ether, a compound used in gasoline to reduce carbon monoxide and ozone levels caused by auto emissions, Huntsman said.

"This partnership provides a tremendous opportunity for us to further our global expansion and create shareholder value. We are proud to partner with Sinopec, a global leader in energy, refining and chemicals," said Peter Huntsman, the firm's president and chief executive.

Huntsman shares were down 0.4 percent in late-session trade in New York in an overall lower market.

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