Sinopec Sichuan Vinylon Works Group and the Republic of Korea's SK Chemicals Co., Ltd. signed a joint venture contract to build a butanediol (BDO) facility with an annual production volume of 200,000 tons, as per Qatar News Agency. The project, which includes production facilities for acetylene, formaldehyde and BDO, as well as other support projects, will cost 3.8 bln yuan (US$605 mln). Located in the Changshou Economic-Technological Development Area, the project is expected to be completed by the end of 2015. Upon completion, it is expected to see an annual sales volume of 4 billion yuan and pay 1.4 billion yuan in taxes each year. The BDO project is a milestone for Chongqing in becoming a global natural gas industrial base.