INEOS and SINOPEC Corp. completed two petrochemical joint venture deals Dec. 28, and two more are in the works, INEOS said in a press release.
The two deals include the mutual 50% acquisition of Shanghai SECCO Petrochemical Company Ltd. and a 50:50 joint venture for Acrylonitrile Butadiene Styrene (ABS), based on INEOS’ ABS technology.
“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,” said Dr. Ma Yongsheng, chairman of SINOPEC.
Two other deals are expected to be completed in 2023: a 50:50 joint venture to build a new high-density polyethylene (HDPE) plant in Tianjin, China, with 500,000 tonnes per annum capacity; and INEOS is set to acquire a 50% share in the SINOPEC-constructed Tianjin Nangang Etylene Project expected on-stream by 2023’s end.
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