Munich - Linde, the German industrial gases group, said Wednesday it was setting up a joint venture with a subsidiary of Sinopec, the Chinese oil group.

Linde and Sinopec Fujian Petrochemical Company Limited (FPCL) will own 50 per cent of Fujian Linde-FPCL Gases Company, Linde said in Munich. Their investment in the unit will total 100 million euros (140 million dollars).

The factory will be at Quanzhou in Fujian province and will produce nitrogen, oxygen and argon. Its two air separation plants on the site are already nearly complete, Linde added. (dpa)