SHANGHAI, July 24 (Reuters) - U.S. company Momentive Performance Materials Inc. said it won Chinese regulatory approval to set up a manufacturing joint venture with China's Zhejiang Xinan Chemical Industrial Group Co. (600596.SS: Quote, Profile, Research).

The venture needs a total investment of $97 million and will have an initial annual capacity of 50,000 metric tons of siloxane, or about 100,000 metric tons of silane products, it said in a statement.

Siloxane can be found in products such as cosmetics and soaps.

The joint venture will be located in the southeastern province of Zhejiang, the statement said, adding that more details of the deal would be disclosed at a press conference scheduled for next Tuesday in Shanghai.