China Petroleum & Chemical Corp (Sinopec), China's largest refiner by capacity, has recently won a government approval to build an 800,000 tpa ethylene complex to ease a petrochemical shortage in central China. However, because of a lack of investment, the company has not yet decided when construction of the complex will commence and is in talks with foreign companies for joint investment in a US$1.9 bln ethylene facility in Wuhan city, central China.
Two of the foreign companies in talks with Sinopec for the project include South Korea's largest refiner by capacity and Formosa Plastics Group (Taiwan's leading petrochemical producer). Investment in the planned ethylene complex will likely be a good opportunity for foreign companies to tap China's petrochemicals market, which is booming due to strong domestic demand.
06-Apr-07 
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