CHINA: SK and Sinopec finalize agreement for JV to operate Wuhan cracker

SK Global Chemical and China Petroleum & Chemical Corp. have signed an agreement that establishes a joint venture between the two companies to operate Sinopec’s recently completed 800,000-t/y naphtha cracker in Wuhan, China.

SK, which now owns a 35% interest in the Wuhan project, noted that this is “by far the largest joint venture project in the petrochemical area since the 1992 resumption of China-Korea diplomatic ties. And this is the first occasion for any non-Middle East Asian company to produce ethylene in China.” Sinopec holds the remaining 65%.

The USD 2.9-billion project includes facilities for the production of 300,000 t/y of high-density polyethylene, 300,000 t/y of linear low-density polyethylene and 400,000 t/y of polypropylene.

(Syed Rashid Ali, Karachi, Pakistan)
Source: Weekly "PetroChemical News", Durham, NC, USA; 8 July 2013

 

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