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SK and Sinopec agreed to scrap butanediol venture plan

Collected: 2016.12.01

Distributed: 2016.12.02

Source: Go Direct

SK Innovation Co., the energy solutions arm of South Korean conglomerate SK Group, has decided to scrap its plan to establish a joint venture with a Chinese chemicals maker to produce butanediol (BDO), the company said Wednesday.

In 2013, SK Innovation and China’s largest oil company Sinopec announced a plan to construct and operate a BDO plant with an annual capacity of 200,000 tons in the southwestern Chinese city of Chongqing by equally sharing the investment of 680 billion won ($578 million).

BDO is an organic compound used industrially in the manufacture of elastic fibers such as spandex.

The two parties decided to cancel the project due to soaring natural gas prices and a protracted slump in the global butanediol market, according to SK Innovation.

At 2:00 p.m., shares of SK Innovation rose 1.64 percent or 2,500 won to 155,000 won in Seoul trading Thursday.

By Jung Wook

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