SK Energy agrees to acquire 35% stake in naphtha JV with Sinopec

South Korea's largest refiner SK Energy has agreed to acquire a 35% stake in a petrochem joint venture with Sinopec Corp, making it one of the few foreign firms to invest in China's huge petrochemical industry. The Joint Venture (JV) plans to build a petrochemical complex in central China at an estimated investment of around 1 trillion won. Construction is underway on the 800,000 tpa plant in Central China's Wuhan City, scheduled to commence operation by H2-2011.