China Petroleum & Chemical Corp (Sinopec) and Korea's SK Group inked a Memorandum of Understanding (MoU) on strategic cooperation, including a joint investment on an 800,000 tpa ethylene project in central China, as per Reuters. "The two parties will continue exploring the joint investment in the Wuhan ethylene project," Sinopec said in a brief statement. No financial details were revealed.
Sinopec started building the Wuhan petrochemical complex around the end of 2007. In February, SK Group aimed to hold a 35% stake in the joint venture with Sinopec. The total cost of the Wuhan petrochemical project was estimated at US$2.88 - 2.97 bln.