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On July 28, British Ineos and Sinopec signed a series of joint venture cooperation agreements with a total value of about 7 billion US dollars
The three joint venture projects between INEOS and Sinopec include the acquisition of Shanghai Secco Petrochemical Co.
Specifically, according to the first agreement, INEOS will acquire a 50% stake in Shanghai Secco
According to the second agreement, INEOS and Sinopec will jointly establish a new joint venture company with a 50%:50% equity ratio to produce acrylonitrile-butadiene-styrene terpolymer (ABS)
According to the third agreement, INEOS and Sinopec will jointly establish a joint venture company based on a 50%:50% equity ratio to build a new 500,000-ton/year high-density polyethylene (HDPE) project in Tianjin
INEOS said that since INEOS acquired the acetyl and aromatics business of British Petroleum (BP) in January 2021, it has had a good foundation for cooperative operations with Sinopec
Sir Jim Ratcliffe, Chairman and CEO of INEOS Group, said: "This cooperation will reshape INEOS' production and technology layout in the petrochemical industry in China.
