China's largest oil refiner, Sinopec (600028.SH; 0386.HK; SNP.NYSE) will co-invest with Hubei Daohuaxiang Group for a 100,000 ton/year fuel ethanol plant in Yichang, Hubei province, Hubei local media reported.

    The two sides plan to invest 440 million yuan and respectively take 70 percent (Sinopec) and 30 percent (Daohuaxiang) stake in the plant.

    It is reported that the project, adopting sweet potatoes as its raw material, has already come into the stage of environmental impact assessment.