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On July 3, 2019, the Sino-Korea Petrochemical Integrated Joint Venture Company held an unveiling ceremony, marking the commencement of commercial operation of the Sino-South Korean Petrochemical Integrated Joint Ventu.
Sinopec and South Korea's SK Group have always maintained a friendly cooperative relationsh.
On the basis of this successful cooperation, Sinopec and SK executives vigorously promoted the Wuhan refining and chemical integration joint venture proje.
Wuhan Petrochemical is one of the top ten industrial enterprises in Hubei Province, and Sino-Korea Petrochemical is one of the top twenty industrial enterprises in Hubei Provin.
The integrated joint venture will reduce operating costs and improve management efficien.
Guan Zemin, general manager of Sino-Korean Petrochemical, introduced that Sino-Korean integrated refining and chemical cooperation is conducive to optimizing the utilization of resources, reducing operating costs and improving management efficien.
Lei Dianwu, senior vice president of Sinopec, said that the integration of Sinopec and Sinopec is conducive to giving full play to the management advantages of both parties in the refining and chemical business of the joint venture, reducing coordination work, reducing operating costs, and improving overall anti-risk capabiliti.
It is understood that the new joint venture will share the advanced technology, successful management experience and practices of both parti.
After the joint venture reorganization, the production and operation cost of the enterprise will also be significantly reduc.
Brief Introduction of Wuhan Petrochemical
Brief Introduction of Wuhan PetrochemicalWuhan Petrochemical Company is a super-large integrated refining and chemical enterprise directly under Sinopec Group Corporati.
The company was founded in 1971 and put into operation in 1977, covering an area of 239 hectares, with 1,900 employees and total assets of about 10 billion yu.
In the 41 years since Wuhan Petrochemical Company was put into operation, its assets have increased by 493 times, and the accumulated crude oil processed has exceeded 135 million to.
Sino-Korea Petrochemical Profile
Sino-Korea Petrochemical ProfileSinopec and South Korea's SK Group have cooperated in the fields of crude oil trade and investment in refining and chemical projec.
As of the end of 2018, Sino-Korea Petrochemical had accumulated profits of over 10 billion yuan and paid taxes of about 7 billion yuan, becoming a successful example of economic and trade cooperation between China and South Kor.
