INEOS and SINOPEC Finalize Joint Venture for Tianjin Nangang Ethylene Project

INEOS and SINOPEC Finalize Joint Venture for Tianjin Nangang Ethylene Project

(IN BRIEF) INEOS has finalized the formation of a 50/50 joint venture with SINOPEC for the Tianjin Nangang Ethylene Project, which is currently being constructed by SINOPEC and expected to be operational by April 2024. The project includes a 1.2 million tons per annum (mtpa) cracker, a new 500ktpa High-Density Polyethylene plant, and 11 other derivative units. This joint venture signifies the growing collaboration between SINOPEC and INEOS, building upon the significant petrochemical deals announced by both parties in the previous year.

(PRESS RELEASE) LONDON, 3-Aug-2023 — /EuropaWire/ — INEOS has completed the formation of a 50/50 joint venture with SINOPEC for the Tianjin Nangang Ethylene Project, announced in December 2022, which is currently under construction by SINOPEC and expected to be on-stream by April 2024.

The petrochemical complex includes a 1.2 mtpa cracker, a new 500ktpa High-Density Polyethylene plant to produce INEOS pipe grade under license and 11 other derivative units.

The completion of the agreement today marks the continued progression of the significant petrochemical deals announced by the parties in July and December last year, and highlights the close relationship and growing collaboration between SINOPEC and INEOS.

Media Contacts:

Richard Longden
Richard.longden@ineos.com
+41 7996 26123

Andrew McLachlan
andrew@mediazoo.tv
+44 7931 377162

Alex Williams
alex.williams@mediazoo.tv
+44 7793 207325

SOURCE: INEOS