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Industry News | Time: Aug 5 2022 1:46PM  Editor:Amber
INEOS to acquire 50% stake in Shanghai Secco
 
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Ineos has signed a series of joint venture and cooperation agreements with Sinopec, with a total value of about $7 billion, according to the Securities Times. The three landmark agreements are expected to achieve a combined annual production capacity of 7 million tons, generating about $10 billion in annual sales.


This cooperation will reshape the production and technology layout of Ineos in China's petrochemical industry. The three joint venture projects between Ineos and Sinopec include:


First, Ineos will acquire a 50% stake in Shanghai Secco Petrochemical Co., Ltd., a subsidiary of  Sinopec.


Located in Shanghai Chemical Industrial Park, Secco covers an area of 200 hectares and it has an annual production capacity of 4.2 million tons of petrochemical products, including ethylene, propylene, polyethylene, polypropylene, styrene, polystyrene, acrylonitrile, butadiene, benzene and toluene.


Second, Ineos and Sinopec will set up a new joint venture with a 50%:50% equity ratio, aiming to achieve 1.2 million tons/year of ABS production capacity to meet China's fast-growing demand. The ABS project, which has an annual capacity of 600,000 tons, is currently built by INEOS Styrolution APAC Pte. Limited, and is scheduled to be mechanically completed by the end of 2023. The project will be part of the joint venture.


INEOS and Sinopec also plan to cooperate and use INEOS' world-leading Terluran ABS technology to build two other ABS projects with a annual production capacity of 300,000 tons. One of the ABS projects with a capacity of 300,000tons/year will be located in Tianjin, and the location of the third project has not yet been determined.


Under the third agreement, Ineos and Sinopec will jointly form a new joint venture with a 50%:50% equity ratio to build a new 500,000 ton/year HDPE plant in Tianjin. In addition, Ineos and Sinopec will build at least two 500,000ton/year HDPE plants in the future, authorizing the production of Ineos pipe grade products. The Tianjin project is expected to be FEED and mechanically completed by the end of 2023.



[RISK DISCLAIMER] All opinions, news, analysis, prices or other information contained on this report is provided by analyst of Zhejiang Huarui Information Consulting Co., Ltd (CCFGroup) as general market commentary and does not constitute investment advice. CCFGroup will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
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