On the 3rd, Sino-Korean Petrochemical Integration Joint Venture Company, China-South Korea (Wuhan) Petrochemical Co., Ltd. was unveiled, marking the entry of Sino-South Korean Petrochemical Integration Joint Venture Project into commercial operation. This is the largest joint venture between China and South Korea in the field of energy and chemical industry.
The joint venture originated six years ago from the cooperation between Sinopec and SK Group, two of the world's top 500 energy giants. At the end of 2013, Sinopec and SK Group of Korea set up a joint venture company on the 800,000 tons/year ethylene project in Wuhan, and began its commercial operation in January 2014.
Over the past six years, the joint venture company has achieved good performance in production and operation. According to Solomon's evaluation, the ethylene plant performance of the enterprise has reached the world's leading level. At the same time, the company has been producing safely and environmentally for six consecutive years without accidents. The main pollutant emission indicators are superior to the national standards, and the total amount of emissions has been greatly reduced, thus achieving the goal of increasing production and reducing emissions. Up to now, more than 18,000 people have visited this garden-style joint venture with evergreen seasons, egret strolling and water drainage for fish farming.
With this successful cooperation, Sinopec and SK Group have vigorously promoted the Wuhan Refining and Chemical Integration Joint Venture Project. In June 2017, Sinopec and SK signed a joint venture letter of intent to merge Wuhan Petrochemical refining business into Sino-Korean Petrochemical and realize integrated operation. On April 29 this year, Sinopec and SK signed a joint venture contract for refining and petrochemical integration and an agreement for capital increase. The new joint venture company (Sinopec 65%:SK35% of Korea) received its business license on May 31, completed the filing of the Ministry of Commerce and the change of safety production license on June 14, and formally entered into commercial operation on July 1.
Wuhan Petrochemical Company is the top ten industrial enterprises in Hubei Province, and Sino-Korean Petrochemical Company is the top 20 industrial enterprises in Hubei Province. After the joint venture reorganization,
Wuhan Petrochemical and Sino-Korean Petrochemical will form the largest energy and chemical joint venture in Hubei Province, which is also the largest joint venture project in the field of energy and chemical industry between China and South Korea.