Ineos and Sinopec have announced a new joint venture agreement that will see Ineos acquire a 50% share in the existing Tianjin Nangang Ethylene Project from Sinopec. The project is currently building a 1.2 million tonne ethane cracker, expected to come on stream at the end of 2023, and downstream derivative plants in Tianjin, China.
A full suite of derivative units will be built at the complex, including the 300ktpa ABS (Acrylonitrile Butadiene Styrene) plant in the 500ktpa HDPE (high-density polyethylene) plant announced by Ineos and Sinopec in July.
The joint venture agreement was signed during a virtual meeting and the hope is that the partnership will see Sinopec benefit from Ineos’ technological knowledge and operational expertise, and Ineos achieve a substantial presence in China, the fastest-growing market in the world.
This is the fourth venture between Ineos and Sinopec signed in 2022. Two are petrochemical complexes and two are product joint ventures, each of a similar scale.
