Ineos acquires 50% equity of Sinopec’s Tianjin Nangang Ethylene Project and signs a cooperation agreement with Sinopec on the Tianjin Nangang Ethylene Project
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On December 7, Ineos and Sinopec signed a new cooperation agreement. Ineos will acquire a 50% stake in Sinopec’s Tianjin Nangang ethylene project. The project currently has a 1.2 million-ton ethylene cracking unit and a downstream high-end new material derivative product unit under construction, and is expected to be put into operation by the end of 2023. It is understood that in July 2022, Ineos and Sinopec had announced a cooperation plan, and a set of derivative product devices were under construction, including a 300,000 tons/year ABS (acrylonitrile-butadiene-styrene copolymer resin) device and a 500,000 tons/year HDPE (high-density polyethylene) device. The 300,000 tons/year ABS device will use Ineos' world-leading Terluran® ABS technology and will be the second ABS project jointly constructed by Ineos and Sinopec. Currently, the first ABS project with an annual production capacity of 600,000 tons is located in Ningbo and is being constructed by Ineos. The Tianjin Nangang ethylene 500,000 tons/year HDPE unit is expected to be put into operation at the end of 2023. It is the first HDPE unit authorized by Ineos to license Sinopec to produce Ineos pipe grade products in China. Ineos and Sinopec also plan to build two more HDPE units in China. This cooperation agreement is the fourth cooperation agreement signed by INEOS and Sinopec in 2022.
This post was last edited by Zhizhe Ming on 2022-12-16 14:48. In 2008, we cooperated with Ineos to discuss the layout of a 600,000-ton phenol and propylene project in Zhangjiagang. In the end, the project was difficult to implement due to the difficulty in implementing propylene raw materials. Of course, today, the problem of raw materials can be easily solved by building a propane dehydrogenation unit (PDH) at the front end.
Sinopec joins hands with Ineos to build ABS project On July 28, 2022, Ma Yongsheng, chairman of Sinopec Group Corporation, and Ratcliffe, founder and chairman of Ineos, held a video meeting and jointly signed a series of cooperation agreements. The two parties established a strategic partnership. The cooperation agreement includes: Sinopec transfers 50% equity of Shanghai Secco, and Shanghai Secco will be jointly operated by Sinopec and Ineos ； Sinopec has acquired a 50% stake in Ineos Styrolution Advanced 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.
Shanghai Secco was originally jointly invested and operated 50% by Sinopec and BP. However, the completion and operation of the project coincided with the 2008 financial crisis. BP was not optimistic about the Chinese market and withdrew 50% of the equity. As a result, with the rapid recovery of the Chinese market, Shanghai Secco's operations are getting better and better. I am afraid that BP is regretful.