BIZCHINA / News |
Sinopec, SK sign initial accord on $1.9b ethylene plantUpdated: 2007-07-02 12:28
"The initial agreement was signed," Shu Chaoxia, vice chief engineer of parent China Petrochemical Corp's (Sinopec Group) economic and technical research institute, told reporters at an oil conference in Shanghai recently. China wants to increase oil-processing capacity 25 percent and more than double ethylene production capacity by 2010 to reduce reliance on imports of the chemical, used to manufacture plastics and synthetic fibers. "We are doing a feasibility study for the project now and the plant is scheduled to become operational by 2010," Shu said, declining to give the share proportion of the two parties in the project. Hyunjung Cho, a SK spokeswoman said April 12.
The plant, the first large-scale refining and chemical production base in Central China, will be able to produce 800,000 metric tons of ethylene a year, the commission said in April. (For more biz stories, please visit Industry Updates) |