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Sinopec, SK to build petrochemical facility in SW China
CHONGQING, Feb 26, 2013 (Xinhua via COMTEX) --
Sinopec Sichuan Vinylon Works
Group and the Republic of Korea's SK Chemicals Co., Ltd. signed a
joint venture contract on Monday in Chongqing Municipality to
build a butanediol (BDO) facility with an annual production volume
of 200,000 tonnes.
The project, which includes production facilities for
acetylene, formaldehyde and BDO, as well as other support
projects, will cost 3.8 billion yuan (605 million U.S. dollars).
Located in the Changshou Economic-Technological Development
Area, the project is expected to be completed by the end of 2015.
Upon completion, it is expected to see an annual sales volume
of 4 billion yuan and pay 1.4 billion yuan in taxes each year.
The BDO project is a milestone for Chongqing in becoming a
global natural gas industrial base, Mayor of Chongqing Huang Qifan
said at the signing ceremony.
The petrochemical industry, especially the natural gas chemical
industry, is one of the six pillar industries in Chongqing. The
industry's output value reached 200 billion yuan in 2012 and is
expected to reach 500 billion yuan in 2015.
Sinopec is China's top oil refiner. SK is the third largest
conglomerate in the Republic of Korea, with energy and
communications as its two major businesses.
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