26 February 2013 09:09 [Source: ICIS news]
SINGAPORE (ICIS)--China’s Sinopec Sichuan Vinylon Works Group and South Korea’s SK Global Chemical signed a joint venture contract on 25 February to build a petrochemical facility in Chongqing, state-owned media Xinhua said on Tuesday.
The facility involves an investment of yuan (CNY) 3.8bn ($609m), and it includes production capacities for products such as acetylene, formaldehyde and BDO, according to the report.
The capacity of the acetylene unit is 70,000 tonnes/year, whereas formaldehyde and BDO units have capacities of 300,000 tonnes/year and 200,000 tonnes/year respectively, according to China National Radio.
The facility will be located in the Changshou Economic-Technological Development Area, southwestern Chongqing, and the construction of the project is expected to be completed by the end of 2015.
It is expected to achieve an annual sales of CNY4bn upon completion, according to Xinhua.
Sinopec is China's state-owned energy and petrochemical giant, while SK Global Chemical is a major petrochemical player in South Korea.
($1 = CNY6.24)
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