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6. INVESTMENT IN UNCONSOLIDATED AFFILIATES

ÌýÌýÌýÌýÌýÌýÌýÌýInvestments in companies in which we exercise significant influence, but do not control, are accounted for using the equity method. Investments in companies in which we do not exercise significant influence are accounted for using the cost method.

ÌýÌýÌýÌýÌýÌýÌýÌýOur ownership percentage and investment in unconsolidated affiliates were as follows (dollars inÌýmillions):

ÌýÌýÌýÌýÌýÌýÌýÌýOn NovemberÌý13, 2012, we entered into an agreement to formÌýa joint venture with Sinopec (Nanjing Jingling). The joint venture involves the construction and operation of a PO/MTBE facility in China. Under the joint venture agreement, we hold a 49% interest in the joint venture and Sinopec holds a 51% interest. Our total equity investment is anticipated to be approximately $135Ìýmillion, and we expect to receive approximately $50Ìýmillion of license fees from the joint venture. The timing of equity contributions and license fee payments depends on various factors, but the majority are expected to be made over the course of the construction period of the plant (expected to be completed in 2015).