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SK Energy & SINOPEC sign JV to set up an ethylene plant
30 May '08
3 min read
As South Korea's largest refiner, its recent successes in China's high-end asphalt business, capturing the largest market share amongst importers, has helped SK to reaffirm its partnership in this petrochemical JV project by strengthening its status, credibility and competitiveness in the market.
As ethylene production in China requires large amount of long-term capital investment and a strong track record of technical knowhow, only a handful of global petrochemical majors have been able to set their foothold in China.
It is noteworthy that their plants are mostly located along the East Coastline of China while the SK's joint venture will be located in the middle of China which Chinese government is pressing ahead with a balanced regional development policy. Thus, the first petrochemical complex in Wuhan is getting high expectations to further realize the growth potentials in the central region of China.
Mr. Heon-Cheol Shin, Vice Chairman and Chief Executive Officer of SK Energy, said, “The joint venture project marks a significant milestone for SK's operation in China to date. It also means that the years of continuous and focused strategic efforts that SK has been making, as led by Chairman Chey, in China is starting to get fruition.”
He also added, “SK Energy is committed to contributing its industry experience and expertise as accumulated in Korea to the ethylene business in China as well. We are proud to contribute to the further development of China's energy sector and to respond to the country's growing energy needs as a leading home-grown Asian energy company.”
As ethylene production in China requires large amount of long-term capital investment and a strong track record of technical knowhow, only a handful of global petrochemical majors have been able to set their foothold in China.
It is noteworthy that their plants are mostly located along the East Coastline of China while the SK's joint venture will be located in the middle of China which Chinese government is pressing ahead with a balanced regional development policy. Thus, the first petrochemical complex in Wuhan is getting high expectations to further realize the growth potentials in the central region of China.
Mr. Heon-Cheol Shin, Vice Chairman and Chief Executive Officer of SK Energy, said, “The joint venture project marks a significant milestone for SK's operation in China to date. It also means that the years of continuous and focused strategic efforts that SK has been making, as led by Chairman Chey, in China is starting to get fruition.”
He also added, “SK Energy is committed to contributing its industry experience and expertise as accumulated in Korea to the ethylene business in China as well. We are proud to contribute to the further development of China's energy sector and to respond to the country's growing energy needs as a leading home-grown Asian energy company.”
SK Energy Co. Ltd
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