SK Energy mulls ethylene joint venture with Sinopec Corp.

23-May-08

SK Energy, South Korea's largest refiner is in talks with Chinese oil firm Sinopec Corp. to invest around US$965 mln in an ethylene joint venture. SK Energy is considering investing in 35% stake in the venture, to be set up in central China. Sinopec has commenced construction of the US$2 bln naphtha cracker in Central China and is in talks with SK Energy for an investment in the 800,000 tpa ethylene complex. If the deal is finalised, SK will be one of just a handful of foreign firms investing in China's petrochemicals sector.