SK to take 35% stake in Sinopec’s Wuhan project

South Korea’s SK Innovation said its SK Global Chemical subsidiary aims to take a 35% stake in Sinopec’s petrochemical project in Wuhan, China. The total cost of the Wuhan petrochemical project is estimated at 3.2-3.3 trillion won (US$2.88-2.97 billion). Separately, Jay Koo, President and CEO of SK Innovation, said the company had been in talks with partners, mainly overseas, over possible investments for a stable supply of feedstock, including crude oil, to subsidiary SK Incheon Oil, but that it had no plans to sell the refiner. (February 10,2011)