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(privateequitykorea) -- SK Group will be setting up a
USD588 million joint venture with China’s state oil firm Sinopec. The new
venture will e led by unlisted SK subsidiary SK Global Chemical and will produce
butanediol, a synthetic fiber precursor. The butanediol JV is a part of a
Sinopec petrochemical complex in which BP is also participating. Last year SK
also started another JV with Sinopec to produce ethylene.
China
Petrochemical Corporation (Sinopec Group) is a super-large petroleum and
petrochemical enterprise group established in July 1998 on the basis of the
former China Petrochemical Corporation. Sinopec Group is a state-owned company
solely invested by the State, functioning as a state-authorized investment
organization in which the state holds the controlling share. Headquartered in
Beijing, Sinopec Group has a registered capital of RMB 182 billion. |
