Sinopec and South Korea SK Sign Wuhan Ethylene Framework Agreement

On May 28, Sinopec Corp. and South Korean SK Energy Co., Ltd. signed the Wuhan Ethylene Project Framework Agreement in Beijing, marking the two parties will jointly build the first large-scale ethylene project in central China.

Vice Minister of Commerce Ma Xiuhong, Minister of Knowledge Economy Li Yunyun of Korea, Wang Tianpu, President of the Stock Company, and Shen Xianche, Vice Chairman of SK Energy Co., Ltd. attended the signing ceremony.

Wuhan ethylene project is a major project of China's petrochemical construction, and it is an important measure to promote the rise of central China and promote the coordinated development of regional economy. According to the person in charge of Sinopec, “The construction of the ethylene project in Wuhan will help meet the needs of the domestic market, optimize the industrial layout of ethylene, ease the contradiction between the supply and demand of petrochemical products, and accelerate the economic development in the central region. At present, both parties are carrying out preparatory work for the project, once the government approves it. The two sides will set up joint ventures to achieve the goal of complementing each other and achieving mutual benefits and win-win results."

The president of South Korea's SK Energy Co., Ltd., Choi Tae-won, is very concerned about the cooperation project with Sinopec. He went to Wuhan in December last year to attend the groundbreaking ceremony of the project. The relevant personnel of SK Energy stated: "This project is the largest achievement of the SK company's development in China."

According to the framework agreement, both parties will sign a joint venture contract within this year, and it is expected that the project will be officially completed and put into production in 2011. In addition to an ethylene cracker with an annual output of 800,000 tons, the ethylene project in Wuhan also includes 300,000 tons of high-density polyethylene, 300,000 tons of linear low-density polyethylene, 400,000 tons of polypropylene, and other downstream ethylene. Device.