INEOS and SINOPEC complete petrochemical deals

INEOS has acquired 50% of Shanghai SECCO Petrochemical Co. Ltd, and INEOS and SINOPEC have also established a 50:50 joint venture for acrylonitrile butadiene styrene (ABS), based on INEOS’ proprietary ABS Technology.

The third and fourth deals are expected to complete in 2023. INEOS and SINOPEC will establish a third 50:50 joint venture to build a new 500 000 tpy high-density polyethylene (HDPE) plant in Tianjin. INEOS will also acquire a 50% share in the Tianjin Nangang Ethylene Project, which is currently under construction by SINOPEC and is expected to be on-stream by the end of 2023.

Jim Ratcliffe, Chairman and CEO INEOS, said: “These agreements signif-icantly reshape INEOS’ petrochemical production and technology in China. We are pleased to make these major investments with SINOPEC in areas that provide the best growth opportunities for both compa-nies. Both parties recognise the potential for closer collaboration across a number of other areas as we look ahead.”

Dr. Ma Yongsheng, Chairman of SINOPEC, said: “SINOPEC and INEOS have enjoyed many years of partnership and these two significant deals are testament to the cooperation in the petrochemical field be-tween us, which is now taken to a new level. Driven by the dual goals of managing carbon emissions and the energy transition, the two par-ties will play to their respective advantages in market location, re-sources and technology, to create a win-win development for both companies to expand further possibilities in the development of Chi-nese petrochemical market.”

Read the article online at: https://www.hydrocarbonengineering.com/petrochemicals/03012023/ineos-and-sinopec-complete-petrochemical-deals/