Beijing SK Geo Centric has signed an agreement with Weixing Chemical to form a joint venture that will construct a new ethylene acrylic acid (EAA) manufacturing facility in China to respond to Asian demand, said Apic-online.
The joint venture plans to invest around KRW 290-billion to build a 40,000-t/y EAA unit in Lianyungang, Jiangsu Province. The plant is scheduled to be completed in the first half of 2025.
SK Geo Centric will hold a 60% stake in the new joint venture, while Weixing Chemical will hold the remaining 40% interest.
"We will preempt the demand in China and Asia through the only EAA manufacturing plant in China, said SK Geo Centric Chief Executive Na Kyung-soo.
We will actively utilize SK Geo Centric's technological prowess and marketing capabilities in Asia to strengthen our portfolio of high value-added chemical products and to be reborn as a global leader in the field of eco-friendly chemical materials.
SK Geo Centric currently has EAA production sites in Texas and Tarragona, Spain, which it acquired in 2017 through the acquisition of Dow's EAA business.
As per MRC, five major Chinese companies including two of the country's largest oil producers will delist from the New York Stock Exchange. Sinopec and PetroChina -- two of the world's biggest energy firms -- will apply for "voluntary delisting" of their American depositary shares, the companies said in separate statements. The Aluminum Corporation of China, also known as Chalco, as well as China Life Insurance and a Shanghai-based Sinopec subsidiary, announced similar moves on Friday.
mrchub.com