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July 28, 2016, 2:06 a.m. EDT

Veolia gets $3.62 billion contract from Sinopec

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By Noemie Bisserbe

PARIS--French water and waste utility Veolia Environnement (VIE.FR) said Thursday it won a contract worth 3.27 billion euros ($3.62 billion) from China's Sinopec to treat water at a petrochemical complex for 25 years.

Located 30 miles outside Beijing, Yanshan Petrochemical is a fully-owned subsidiary of Sinopec and one of the largest production bases of synthetic rubber, synthetic resin, phenol acetone and refined oil products in China. It processes over 10 million tons of crude oil and produces 800,000 tons of ethylene annually.

The contract is in line with the French group's new strategy to reduce its exposure to the supplying of water to households in France and Western Europe and to focus instead on treating industrial waste.

-Write to Noemie Bisserbe at noemie.bisserbe@wsj.com

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