MOSCOW (MRC) -- On the 30th August, INEOS and SINOPEC signed a shareholder agreement for the formation of a 50:50 joint venture to build a new 300ktpa ABS plant in Tianjin, said the company.
The plant, which is currently under construction by SINOPEC, will be based on INEOS’ world-leading Terluran® ABS technology and is planned to come on stream in April 2025.
This is the second of three new-build ABS plants announced by both companies last year, each to be managed as a joint venture between INEOS Styrolution and SINOPEC. The first was the 600ktpa facility in Ningbo, which is planned to come on stream by the end of this year. The location of the third ABS plant is yet to be decided.
This announcement marks the continued progression of the significant petrochemical deals announced by the parties in July and December last year, and highlights the close relationship and growing collaboration between SINOPEC and INEOS.
We remind, INEOS has completed the formation of a 50/50 joint venture with SINOPEC for the Tianjin Nangang Ethylene Project, announced in December 2022, which is currently under construction by SINOPEC and expected to be on-stream by April 2024. The petrochemical complex includes a 1.2 mtpa cracker, a new 500ktpa High-Density Polyethylene plant to produce INEOS pipe grade under license and 11 other derivative units.