Sinopec, SK to further discuss ethylene JV |
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(Reuters)
-- Asia"s top refiner China Petroleum & Chemical Corp (Sinopec)
and Korea"s SK Group signed a Memorandum of Understanding on strategic
cooperation on Friday, including a joint investment on an 800,000 tonne-per-year
ethylene project in central China. "The two parties will continue exploring the joint investment in the Wuhan
ethylene project," Sinopec said in a brief statement. It did not give any
financial details.
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Sinopec started building the petrochemical complex in central Chinese
city of Wuhan around the end of 2007, Chinese media reported.
In February, an SK official said the Korean firm aimed to hold a 35 percent
stake in the joint venture with Sinopec. The total cost of the Wuhan
petrochemical project was estimated at USD2.88 billion to USD2.97
billion. |
In 2004, Sinopec and SK Group jointly invested USD26.5 million to build a
60,000 tonne-per-year specialized solvent oil facility in Shanghai. The joint
venture is currently operating smoothly, Sinopec said. (Reporting by Wan Xu and
Chen Aizhu; editing by James Jukwey).
mrcplast.com
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