Germany's BASF, a global leading chemical firm, announced Tuesday the completion of a petrochemical site worth 1.4 billion U.S. dollars in East China's Nanjing city with its local partner China Petroleum and Chemical Corporation (Sinopec).

The petrochemical site is the second phase of their joint venture, BASF-YPC Co. Ltd., which mainly focuses on developing technologies to produce downstream chemical intermediates and specialties for the Chinese market.

"Through this successful partnership, we are able to bring vital chemical products and solutions to China that will directly support local industries as they strive to meet the needs of a rapidly developing population," said Martin Brudermueller, BASF's Vice Chairman of the Board of Executive Directors.

BASF and Sinopec also confirmed in a statement that new investments under consideration collectively total abour 1 billion dollars, as construction work on a new polymer plant will begin in mid-2012, as well as three more major chemical plants.

BASF-YPC Co. Ltd. is a 50-50 joint venture between BASF and Sinopec, founded in 2000, with a total investment of 2.9 billion dollars in the first phase. The joint venture started commercial production in 2005.