SK Group Cleared To Take Stake In $3B Chinese Petro Project

Law360, New York (June 5, 2013, 8:15 PM EDT) -- China's National Development & Reform Commission has approved SK Group's acquisition of a stake in a 800,000-ton-per-year Sinopec ethylene project, noting that Sinopec will maintain a 65 percent ownership share.

The terms of SK Group's deal with Sinopec, also known as China Petrochemical Corp., and how much it agreed to pay for the stake were not disclosed.

Sinopec initially teamed up with the South Korean oil conglomerate in December 2011, reportedly inking a preliminary deal to create a joint venture for the Wuhan project.

Sinopec began...
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