SK Corp, the biggest oil refiner in South Korea, is in talks with China Petroleum & Chemical Corp (Sinopec) on forming a joint venture to build a 14.7 billion yuan petrochemical plant in Wuhan, Hubei province, the first project of such a large scale in central China. The plant will be able to produce 800,000 tonnes annually of ethylene, a basic chemical used to make plastics and man-made fibres for a wide array of manufacturing sectors. 'We are in talks on setting up a joint venture, but we can't comment further at this stage,' an SK spokeswoman said. The venture will not include Sinopec's expansion of its refinery in Wuhan to eight million tonnes a year from three million tonnes. Taiwan's largest petrochemical producer, Formosa Plastics Group, is also considering investing in the Wuhan petrochemical project, Dow Jones quoted a Formosa official as saying. A Sinopec spokesman declined to comment.