The Chinese central government has approved the Joint Feasibility Study Report submitted by BASF and Sinopec for the expansion of their joint venture, BASF-YPC (BYC), in Nanjing, China. BASF and Sinopec will jointly invest approximately $1.4 billion in state-of-the-art technologies to produce downstream specialty chemicals for the Chinese market. The investment includes the expansion of the existing steam cracker, the construction of 10 new chemical plants, and the expansion of three existing plants. Wang Tianpu, President of Sinopec, said: "The expansion conforms with China's revitalization plan for the petrochemical industry."