Sinopec & SK to form JV for ethylene project in China

China's largest oil refiner, Sinopec and South Korea's SK have reportedly come to an agreement to construct an 800,000 tpa ethylene project in China. The ethylene project is expected to be built in Wuhan, the capital city of central China's Hubei province. The two companies are expected to ink a contract for the ethylene project and accordingly form a joint venture in mid-2009. The South Korean company also has plans to undertake towngas business in Wuhan in addition to ethylene, and aims to enter sectors as automobile parts, logistics and telecommunications.
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