28 June 2013 12:13 [Source: ICIS news]
LONDON (ICIS)--South Korea’s SK Global Chemical said on Friday that it has signed a final agreement with China’s Sinopec for the $2.9bn joint venture cracker project being developed by the two companies at Wuhan, China.
The announcement follows the receipt of approval earlier this month from China’s National Development and Reform Commission (NDRC) for SK Group to take its planned 35% stake in the naphtha cracker project. The other 65% will be held by Sinopec.
The plant is expected to produce 2.5m tonnes/year of petrochemical products, and is anticipated to come on stream in the second half of the year, SK Global added.
According to ICIS sources, the complex will include a 800,000 tonne/year naphtha cracker, a 300,000 tonne/year linear low density polyethylene (LLDPE) plant and a 400,000 tonne/year polypropylene (PP) plant.
Work on the complex started on 31 March 2010.
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