OREANDA-NEWS. June 06, 2013. The contract signed for establishment of joint venture Co.named Wuhan Iron & Steel and Petrochemical Industrial Gas Company was made by and between the Air Seperation Co. of WISCO and Wuhan Branch Co. of SINOPEC.

The high-level delegation lead by Mr. Cui Guanglei, the G.M. and Mr. Liu Jiahai, the secretary of the party committee of Wuhan Branch Co of Sinopec attended the signing ceremony and Mr. Zou Jixin and Mr. Zhang Xiang, deputy presidents of WISCO, also participated in this ceremony. On behalf of both sides, Mr.Xiong Xianxin, the G.M. of The Air Seperation Co. of WISCO and Mr. Li Yansheng, deputy general engineer of Wuhan Branch Co. of Sinopec affixed their signatures for Joint Venture Contract.

Wuhan Ethylene is the first large-scale ethylene producing project in central region of our state.The project is matched for air seperation facilities with joint venture construction by both sides and it can satisfy the supply of nitrogen and oxygen for the second phase of oil refining  and the whole thylene plant. Meanwhile it will satisfy the demands of air seperation products for its neighboured chenical industrial markets and it is provided with favourable economic benefits and social benefits.

Mr.Zou Jixin addressed that WISCO had kept good cooperative relationship with Sinopec and WISCO products has got widely promotion and application in petrolchemical fields. The Air Seperation Co. of WISCO is our state present the most powerful production and marketing base for air seperation industrial gas as well as the most influential rare gas production and marketing base in Asian even in the world. This Air Seperation joint venture project is most key outsourcing service one and is also a brand new starting point for its development transformation.

As for the agreement of the contract, the Air Seperation Co.of WISCO and Wuhan Branch Co.of Sinopec will set up Joint Venture Company on the basis of modern enterprise system and each party will give ratio of investments by 50%. The Joint Venture Company shall implement the general manager responsibility system lead by board of directors, the relatively seperation of decision and performance and the mutual support of management and business.