SK Energy plans $962m ethylene JV with Sinopec

22 May 2008 10:07  [Source: ICIS news]

SINGAPORE (ICIS news)--South Korean oil major SK Energy will invest won (W) 1,000bn ($962m) in an ethylene joint venture with China-based Sinopec, a spokesman from the Chinese firm said on Thursday.

 

“SK Energy has offered W1,000bn to buy [a] 30-35% of the stake in our new 800,000 tonne/year ethylene cracker. If everything is well, we will sign an agreement sometime next week,” the source said in Mandarin.

Together with the new 800,000 tonne/year cracker, SK Energy and Sinopec are also planning to build nine other sets of facilities including a 500,000 tonne/year hydrotreater and a 140,000 tonne/year butadiene (BD) unit, all in Wuhan, China, as previously reported on ICIS news.

 

Sinopec has three other crackers in the Fujian, Tianjin and Zhejiang provinces that are scheduled to be completed by 2010.

 

To discuss issues facing the chemicals industry visit ICIS connect

 

Judith Wang from CBI contributed to this article

By: Brian Myung
65 6780 4359

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly