SK and SINOPEC sign MOU for new production facility in China

SK Group expanded its business partnership with SINOPEC, Asia’s largest energy and chemical company. SK Group, which is one of the largest conglomerates in South Korea, signed a memorandum of agreement (MOU) with China-based SINOPEC in early December. Under the MOU, the two companies will make a joint investment for the construction of an ethylene production facility in Wuhan, China, which will have a production capacity of 800,000 tons per annum. The new production facility, which will be completed by the end of 2012, will also produce 280,000 tons of MEG (Mono Ethylene Glycol), 300,000 tons of LLDPE (Linear Low Density Poly Ethylene), 300,000 tons of HDPE (High Density Poly Ethylene), 40 tons of PP (Poly Propylene) and 800,000 tons of ethylene per year. (December 6, 2011)