07/23/2013

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CHINA: SK Global Chemical finally given green light to produce ethylene in China

On 28 June 2013, SK Global Chem signed at Beijing's Diaoyutai State Guesthouse an agreement with China's state-run China Petroleum & Chemical Corp. (Sinopec) to run an ethylene joint venture. The two companies had completed at the end of last year the plant whose groundbreaking began in 2007. The plant was given approval by the National Development and Reform Commission in February and the State Council last month. The Wuhan plant will commence on commercial production by July this year at the earliest.

With a total investment of 3.3 trillion won, the plant is owned jointly by Sinopec and SK Chem on a 65:35 basis. An SK Group official said, "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."(Syed Rashid Ali, Karachi, Pakistan)
Source: "The Korea Economic Daily", Seoul; 29 June 2013

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