MOSCOW (MRC) -- INEOS and SINOPEC have completed two of the four significant petrochemical deals announced earlier this year, said the company.
The two deals are: SECCO joint venture. INEOS has acquired 50% of Shanghai SECCO Petrochemical Company Limited.
ABS joint venture. INEOS and SINOPEC have also established a 50:50 joint venture for ABS (Acrylonitrile Butadiene Styrene), based on INEOS’ world leading proprietary ABS Technology.
The third and fourth deals are expected to complete in 2023. These are: HDPE joint venture. INEOS and SINOPEC will also establish a third 50:50 joint venture to build a new 500ktpa HDPE (High-Density Polyethylene) plant in Tianjin.
INEOS to 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 significantly 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 companies. 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 between us, which is now taken to a new level. Driven by the dual goals of managing carbon emissions and the energy transition, the two parties will play to their respective advantages in market location, resources and technology, to create a win-win development for both companies to expand further possibilities in the development of Chinese petrochemical market."
We remind, INEOS Olefins & Polymers USA announced today it has entered into a renewable power purchase agreement which will enable the construction of a new 310-megawatt solar project located in north central Texas.