Recently, Sinopec and Ineos officially signed a cooperation agreement. The two parties jointly established Sinopec Ineos (Tianjin) Petrochemical Co., Ltd. (hereinafter referred to as: Sinopec Ineos), and planned to use the company as the main body to jointly operate Sinopec The 1.2 million tons/year Tianjin Nangang ethylene project is under construction and is scheduled to be put into operation in April 2024.
Sinopec Ineos is jointly held by Ineos Investment (Tianjin) Co., Ltd. and Sinopec, with a shareholding ratio of 50%:50%. The registered capital is approximately 17.7 billion yuan. Its business scope includes the manufacturing and sales of synthetic materials, technology import and export, and engineering. Plastic and synthetic resin manufacturing, refined oil wholesale, new material technology research and development, corporate management consulting, etc. Shareholder information shows that the company is jointly held by Ineos Investment (Tianjin) Co., Ltd. and Sinopec.
Sinopec stated that Sinopec and Ineos have had many years of cooperation. On the basis of the successful delivery of the SECCO project, they have once again achieved major cooperation results in the chemical industry. It is believed that in the context of the “dual carbon” goal and the transformation of the energy and chemical industry, both parties can give full play to their respective advantages in market location, resources and technology, achieve complementary advantages and win-win development, and jointly expand more possibilities for my country’s chemical industry sex.
Ineos stated that since the two parties announced major chemical cooperation projects in July and December 2022, they have continued to promote the implementation of relevant cooperation. Today the two parties established a joint venture to jointly operate the Tianjin Nangang ethylene project, highlighting the growing and close strategic partnership between INEOS and Sinopec.
The Nangang ethylene project involved this time started construction in March 2022, with a total investment of more than 30 billion yuan. It is a key project of the country’s “14th Five-Year Plan” and the largest leading project of Tianjin’s “14th Five-Year Plan”, with a main construction capacity of 1.2 million tons. /year ethylene cracking device, and supporting the construction of 12 sets of high-end new material devices. These include a 500,000-ton/year high-density polyethylene unit, newly built using INEOS technology; 11 new 100,000-ton/year polyolefin elastomer (POE) and 200,000-ton/year linear alpha units using Sinopec technology. Downstream units such as olefins and 100,000 tons/year ultra-high molecular weight polyethylene are expected to be completed within this year.
As early as July 2022, the two parties have signed a series of joint venture cooperation agreements with a total value of approximately US$7 billion, and the annual production capacity will reach 7 million tons. These include 1.2 million tons/year ABS production capacity using INEOS technology, and at least three HDPE (high-density polyethylene) projects with a total capacity of 1.5 million tons/year. In December 2022, Ineos plans to sign a new cooperation agreement with Sinopec to acquire a 50% stake in Sinopec’s Tianjin Nangang ethylene project. This cooperation is another major development based on the cooperation between the two parties last year.
As a leading global manufacturer of petrochemicals and specialty chemicals, Ineos is headquartered in Basil, Switzerland. It has 36 business segments and 194 production bases in 29 countries around the world, including polyethylene, polypropylene, acrylonitrile, etc. A leading production technology. In recent years, the group has also launched the INEOS automotive and INEOS health care brands, completed the acquisition of the British brand Belstaff and invested in sports. The current business scope is very diversified.
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