INEOS and SINOPEC finalize major petrochemical deal in China

INEOS announced the completion of a significant petrochemical deal with SINOPEC, forming a 50-50 joint venture for the Tianjin Nangang Ethylene Project. The project, announced in December 2022, is currently under construction by SINOPEC and is expected to be operational by April 2024.

The petrochemical complex includes a 1.2 million tonne per annum (mtpa) cracker and a new 500 kilo tonne per annum (ktpa) high-density polyethylene (HDPE) plant. The HDPE plant will produce INEOS pipe grade under license. The complex also includes 11 other derivative units.

This agreement marks the continued progression of significant petrochemical deals announced by INEOS and SINOPEC in July and December of the previous year. It highlights the growing collaboration and close relationship between the two companies.