China Petroleum & Chemical Corp has signed an initial accord with South Korea's SK Corp to jointly build an ethylene plant in Wuhan in Central China's Hubei Province. This project is in line with the country's policy to increase oil-processing capacity 25% and more than double ethylene production capacity by 2010 to reduce reliance on imports of the chemical, used to manufacture plastics and synthetic fibers.
A feasibility study for the project is being conducted for the plant that is scheduled to become operational by 2010. The project, worth investment of 14.7 bln (US$1.9 bln) received State approval. The plant, the first large-scale refining and chemical production base in Central China, will be able to produce 800,000 metric tpa of ethylene.
02-Jul-07 
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