London, 06 September, 2023, (Oilandgaspress) – INEOS and SINOPEC signed a shareholder agreement for the formation of a 50:50 joint venture to build a new 300ktpa ABS plant in Tianjin. The plant, which is currently under construction by SINOPEC, will be based on INEOS’ world-leading Terluran® ABS technology and is planned to come on stream in April 2025.
This is the second of three new-build ABS plants announced by both companies last year, each to be managed as a joint venture between INEOS Styrolution and SINOPEC. The first was the 600ktpa facility in Ningbo, which is planned to come on stream by the end of this year. The location of the third ABS plant is yet to be decided.
This announcement 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.
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