(image: SK Innovation)
SEOUL, Oct. 17 (Korea Bizwire) — SK Innovation Co., South Korea’s top oil refiner, said Tuesday that its joint venture with China’s Sinopec will spend 740 billion won (US$655 million) on expanding its output capacity by some 36 percent in order to meet growing demand.
SK Global Chemical Co., SK Innovation’s affiliate, and Sinopec invested 3.3 trillion won into the Sinopec-SK Wuhan Petrochemical JV in 2013.
The venture, in which SK Global Chemical owns a 35-percent stake, currently churns out some 2.2 million tons of ethylene and other petrochemical goods annually.
Once work to revamp the production process and expand capacity is completed in 2020, the JV’s output capacity will increase to some 3 million tons, according to SK Innovation.
(Yonhap)
