INEOS, Sinopec to Form Joint Venture
INEOS Phenol and Sinopec Yangzi Petrochemical Co. (Sinopec YPC) recently announced they have initialed joint venture agreements for the design, build, and future operation of a 1.2 million ton cumene, phenol, and acetone complex at the Nanjing Chemical Industrial Park in Jiangsu Province, China. It is currently expected that the project will be completed by the end of 2015.
The partnership will reportedly benefit from Sinopec’s local feedstock advantages and cumene technology, and INEOS’ proprietary phenol technology. The annual capacity of the new facility will be at least 400,000 tons of phenol and 250,000 tons of acetone, reportedly making it the largest plant of its kind in China. The facility will also include 550,000 tons/year of cumene capacity. Together with the corresponding infrastructure, the joint venture will be the largest capital investment ever undertaken by INEOS in China and will open new opportunities for the company to meet the needs of the rapidly growing market.
For additional information, visit www.ineosphenol.com or http://ypc.com.cn.