MOSCOW (MRC) -- China’s State Administration for Market Regulation has approved unconditionally the acquisition deal of Shanghai SECCO Petrochemical between Sinopec and INEOS, said Reuters.
Sinopec and INEOS in July this year announced the transaction, under which INEOS will take over 50% of SECCO from Sinopec.
After the deal, SECCO will have four shareholders, which are INEOS (50%), Sinopec Gaoqiao Petrochemical (15%), Sinopec (15%) and Sinopec Shanghai Petrochemical (20%).
SECCO produces around 3.2 m tonnes of petrochemicals each year, including olefins, polyolefins, styrene and aromatics, according to its website information.
We remind, INEOS Europe AG and Pacific Gas (Hong Kong) Holdings Co., Ltd, have signed long-term time charter agreements for four 99,000 cbm (cubic metre) VLECs (Very Large Ethane Carriers). The deal will bring INEOS’ ethane fleet to 16 vessels, with eight VLEC and eight Dragon class ethane carriers. With these agreements, INEOS will have a total of six VLECs under time charter with Pacific Gas.