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On Jun.28th, President Wang Tianpu of SINOPEC Group and Vice Chairman Ja Young KOO of SK signed the joint venture contract of Wuhan ethylene project at Diaoyutai State Guesthouse in Beijing.

Minister of Industry, Trade & Resources of South Korea, Yoon Sang-jick attended the signing ceremony. Sinopec and SK will establish a 65:35 joint venture after the approval of China’s Ministry of Commerce.

This project is estimated to be put into operation in the second half this year at the soonest. In addition, on the same day, Mr. Wang Tianpu signed a letter of intent on the Ulsan petrochemical logistics base project with Korean National Oil Corporation. Minister Yoon Sang-jick witnessed the signing of relevant documents.