China's top economic planner has approved acquisition of a 35% stake by South Korea's SK Group in a US$2.7 billion petrochemical complex that state refiner Sinopec Corp built in central China, as per Reuters. China's National Development & Reform Commission has approved SK's acquisition of a stake in the complex in Hubei province that has a capacity of 800,000 tpa of ethylene. Sinopec now holds 65% stake in the joint venture. SK's investment cost for the stake has not been given.
The two companies signed a preliminary deal in December 2011 to explore joint investment in the project. Sinopec completed building the complex around the end of 2012 in the central Chinese city of Wuhan.
06-Jun-13 
{{comment.DateTimeStampDisplay}}
{{comment.Comments}}