Sinopec Corp and South Korea's largest refiner, SK Energy are planning to jointly set up a petrochemical complex in central China. SK could acquire 25-35% stake in the 800,000 tpa naphtha cracker in Wuhan. With the signing of this agreement, SK Energy will become part of the elite foreign firms to invest in China's mega petrochemical industry, which has been expanding at a double-digit annual rate in recent years. As per news, SK Energy is mulling an investment of almost US$1 bln in an ethylene joint venture with Sinopec.
Construction of the cracker has already been initiated by Sinopec Corp. in December.