Sinopec and INEOS have signed the shareholder agreement to form a 50/50 joint venture for Tianjin Nangang Ethylene Project with a 1.2 MTA ethylene cracker. The project is currently under construction and expected to be on stream in April 2024.
Tianjin Nangang Ethylene Project mainly includes: a 1.2 mln tons/year ethylene cracking unit; a newly built 500,000 tons/year high-density polyethylene unit based on INEOS' tech; a newly built 100,000 tons/year polyolefin elastomer based on Sinopec's tech(POE); 200,000 tons/year linear alpha olefin; 100,000 tons/year ultra-high molecular weight polyethylene; other 11 sets of downstream devices.
In December 2022, the two parties signed a framework agreement on the cooperation of Tianjin Nangang Ethylene Project.
In July 2022, Sinopec and INEOS announced a strategic partnership to expand the high-end chemical market, with a total investment of more than USD 7 bln. Based on that, Sinopec had transferred 50% equity of Shanghai SECCO Petrochemical Company, the latter jointly operated by Sinopec and INEOS. Sinopec also acquired 50% equity of INEOS Styrolution Advanced Materials (Ningbo) Co., Ltd.
Sinopec is a domestic and overseas listed joint-stock company that integrates upstream, midstream and downstream oil and gas businesses. Its holding parent company, China Petrochemical Corporation (Sinopec Group), is the largest oil and petrochemical products supplier and the second largest oil and gas producer in China, the largest refining company and the third largest chemical company in the world. Its total number of gas stations ranks the second place in the world. In 2023 Fortune Global 500 list, Sinopec Group ranks No.6.
INEOS Group is a global manufacturer of petrochemicals, specialty chemicals and oil products. In recent years its scope of operations has diversified with the launch of INEOS Automotive and INEOS Hygienics, acquisition of iconic British brand Belstaff and an ever-expanding sports portfolio. Comprising 36 individual businesses, it operates 194 facilities in 29 countries throughout the world.
