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On July 28, Sinopec and INEOS Group (hereinafter referred to as INEOS) signed a series of cooperation agreements.
The two parties will establish a strategic partnership, give full play to their respective advantages and carry out a series of cooperation to jointly expand the development of high-end chemical industry
.
The content of the cooperation agreement includes: Sinopec transfers 50% equity of Shanghai Secco, Shanghai Secco will be jointly operated by Sinopec and INEOS; Sinopec acquires 50% equity of INEOS Styrolution High-tech Materials (Ningbo) Co.
, Ltd.
The two parties will build two more sets of 300,000 tons/year ABS resin production capacity to jointly develop the domestic ABS product market; the two parties will establish a joint venture company in Tianjin according to the ratio of 50%: 50% equity, and build a new 500,000 tons/year high-density polyethylene (HDPE).
) project; the two parties will also use INEOS technology to jointly build at least two sets of 500,000 tons/year high-density polyethylene (HDPE) plants to meet the domestic market demand for high-end HDPE products
.
Shanghai Secco was established in November 2001.
Its predecessor was a Sino-foreign joint venture limited liability company funded by Sinopec, Shanghai Petrochemical and BP East China Investment Co.
, Ltd.
, with a total investment of more than 3 billion US dollars
.
As of the end of December 2021, Shanghai Secco has achieved a total profit of 4.
066 billion yuan
.
Headquartered in Basil, Switzerland, INEOS is one of the top five chemical companies in the world
.
It has 36 business segments and 194 production bases in 29 countries around the world, and has a number of chemical technologies including polyethylene, polypropylene, acrylonitrile, etc.
Among them, acrylonitrile, styrene, phenol, linear alpha olefin and ethanolamine are technologically advanced Ranked first in the world
.
INEOS Styrolution High-tech Materials (Ningbo) Co.
, Ltd.
was incorporated in Ningbo City on August 8, 2019, mainly engaged in the research, production, development, design, wholesale, import and export of ABS general materials and special materials synthetic resins or petroleum resins and after-sales service,
etc.
From: SASAC website
