China approves SK ethylene deal

China’s top economic officials have approved South Korea’s SK Group 35% stake in a US$2.5 billion petrochemical plant built by state-owned Sinopec (0386.HKG) in central China, Reuters reported. In a statement issued by China’s National Development and Reform Commission, the complex is now a 65-35 joint venture between the Chinese state refiner and SK. The plant, completed in 2012 and located in Wuhan, Hubei province, has a production capacity of 800,000 tons of ethylene per year. China reportedly plans to boost annual output by about 7.5 million tons by 2015.