BP and Ningxia Baota Chemical Fibre Co. Ltd, a majority owned subsidiary of Baota Petrochemical Group, have signed an agreement to license BP’s latest generation purified terephthalic acid (PTA) technology. This is the third such deal agreed by BP.
Ningxia Baota intends to build a 1.2 million tpy unit at the Ningxia Ningdong Energy and Chemical Zone in Ningxia Hui Autonomous Region, China, to produce PTA, the primary feedstock for polyesters used in the textile and packaging industry.
“This is the first third-party PTA licence for BP in China since our recent decision to license the use of our market-leading technology. Baota is a renowned petrochemical company in China and I’m proud that they’ve chosen BP’s advantaged technology. We have now licensed this latest PTA technology in India, Oman and China – three significant growth markets – and have our own world-scale plant running at Zhuhai in Guangdong, China. We see great potential long-term in the polyester supply chain,” said Rita Griffin, Chief Operating Officer of BP’s Global Petrochemicals Business.
Gao Guozheng, Chairman of Ningxia Baota Chemical Fibre Co., Ltd and Chief Executive of Baota Petrochemical Group, Ningxia Region said: “This investment is highly strategic for us, fulfilling the local requirements for PTA at the lowest possible cost and contributing to the economic development in Ningxia region. We appreciate the quality of BP PTA technology and look forward to a long-term successful cooperation with BP.”
Ningxia Baota expects the PTA plant to come on stream in 2018.
Read the article online at: https://www.hydrocarbonengineering.com/petrochemicals/15092015/bp-and-ningxia-baota-sign-generation-pta-licence-1401/