Skip to main content
EN

INEOS and SINOPEC sign three significant petrochemical deals with an aggregate value of $7bn

SECCO 2.jpeg
  • These transactions establish a very large footprint for INEOS in China.

  • The agreements will have a combined capacity of 7 million tonnes per annum, generating a turnover of around $10bn. The three deals are:

    • SECCO joint venture. INEOS will acquire 50% of Shanghai SECCO Petrochemical Company Limited (“SECCO”). SECCO has a capacity of 4.2 million tonnes of petrochemicals including ethylene, propylene, polyethylene, polypropylene, styrene, polystyrene, acrylonitrile, butadiene, benzene and toluene.

    • ABS joint venture. INEOS and SINOPEC will also establish a second 50:50 joint venture for ABS (Acrylonitrile Butadiene Styrene), based on INEOS’ world leading proprietary ABS Technology. This will include the 600ktpa Ningbo facility currently under construction, plus a further 600ktpa of new capacity.

    • HDPE joint venture. INEOS and SINOPEC will also establish a third 50:50 joint venture to build a new 500ktpa HDPE (High-Density Polyethylene) plant in Tianjin. In addition to the Tianjin plant INEOS and SINOPEC shall build at least two additional 500ktpa HDPE plants in the future to produce INEOS pipe grade under license. The INEOS technology is again world leading.

  • Sir Jim Ratcliffe, Chairman and CEO INEOS said: “These agreements significantly reshape INEOS’ petrochemical production and technology in China. We are pleased to make these major investments with SINOPEC in areas that provide the best growth opportunities for both companies. Both parties recognise the potential for closer collaboration across a number of other areas as we look ahead.”

[Please scroll down the page for Chinese Translation] 

INEOS and SINOPEC have today signed three back-to-back deals worth a combined value of $7bn.  

These landmark agreements are expected to generate a combined turnover of around $10bn from    7 million tonnes of capacity. The three agreements will significantly reshape INEOS’ petrochemicals production and technology in China.

Firstly, INEOS has agreed to acquire a 50% stake in Shanghai SECCO Petrochemical Company Limited (“SECCO”), a subsidiary of China Petroleum & Chemical Corporation (SINOPEC). SECCO currently has a production capacity of 4.2 million tonnes of petrochemicals - including ethylene, propylene, polyethylene, polypropylene, styrene, polystyrene, acrylonitrile, butadiene, benzene and toluene. It is a 200-hectare facility, located inside the Shanghai Chemical Industry Park.

Secondly, INEOS has agreed to establish a new 50:50 joint venture with SINOPEC with the intent to build production capacity of up to 1.2 million tonnes of ABS, to meet rapidly growing demand in China. The 600ktpa ABS plant in Ningbo, which is currently under construction by INEOS Styrolution[1] and is planned to be operational by the end of 2023, will become part of the joint venture. INEOS and SINOPEC also plan to work together on two additional 300ktpa ABS plants, which will also be built by the joint venture based on INEOS’ world-leading Terluran® ABS technology. One of these 300kt plants will be located in Tianjin, the location of the third unit is yet to be decided.

The third agreement will see INEOS and SINOPEC also establish a 50:50 joint venture to build a new 500ktpa HDPE plant in Tianjin. In addition to the Tianjin plant INEOS and SINOPEC shall build at least two additional 500ktpa HDPE plants in the future to produce INEOS pipe grade under license. The Tianjin plant is expected to be onstream by the end of 2023.

INEOS already has joint ventures in operation with SINOPEC following the acquisition of the Acetyls and Aromatics business from BP in January 2021, and both companies know each other well through two decades of commercial interfaces at various levels. They see a natural fit to working more closely in the future.  Through this close relationship SINOPEC gains access to some of the best downstream technology in the world from INEOS and INEOS achieves a substantial presence in China, the fastest growing market in the world. 

Jim Ratcliffe, Chairman and CEO INEOS said “These agreements significantly reshape INEOS’ petrochemical production and technology in China. We are pleased to make these major investments with SINOPEC in areas that provide the best growth opportunities for both companies. Both parties recognise the potential for closer collaboration across a number of other areas as we look ahead.”

China is a key growth region for INEOS and the agreements significantly extend its petrochemicals business with a focus on products where it has some of the leading proprietary technologies. 

The transactions are all subject to regulatory approvals and other conditions. Each transaction is currently anticipated to complete before the end of the year and will be financed through a combination of internal cash resources and external financing.

ENDS

Media Contacts

Richard Longden (Richard.longden@ineos.com)      +41 7996 26123
Andrew McLachlan (andrew@mediazoo.tv)             +44 7931 377162
Alex Williams (alex.williams@mediazoo.tv)             +44 7793 207325

[1] http://www.ineos-styrolution.com/news/INEOS-Styrolution-hosts-groundbreaking-ceremony-for-its-new-600kt-ABS-plant-in-Ningbo-China

 

英力士与中国石化签署三项重大石化协议,总计价值70亿美元。

这些交易将显著扩大英力士在中国的规模。

一系列合资合作协议将实现合计年产能达700万吨,每年创造约100亿美元的销售额。英力士与中国石化的三项合资合作项目包括:

上海赛科合资项目。英力士将收购上海赛科石油化工有限责任公司(“上海赛科”)50%股权。上海赛科石化产品年产能为420万吨,包括乙烯、丙烯、聚乙烯、聚丙烯、苯乙烯、聚苯乙烯、丙烯腈、丁二烯、苯及甲苯。

ABS合资项目。英力士与中国石化将按照50%:50%股权比例共同成立第二家合资公司,将采用英力士领先的专有ABS技术。该项目包括目前在建的60万吨/年ABS宁波项目,且未来将新增60万吨/年产能。

HDPE合资项目。英力士与中国石化将按照50%:50%股权比例共同成立第三家合资公司,在天津建设全新的50万吨/年高密度聚乙烯(HDPE)项目。另外,英力士和中国石化未来还将再建设至少两个50万吨/年高密度聚乙烯(HDPE)项目,授权许可生产英力士管材等级产品。该项目所采用的相关英力士技术也处于世界领先地位。

英力士集团主席兼CEO Jim Ratcliffe爵士表示:“本次合作将重塑英力士在中国的石化产业生产和技术布局,我们非常荣幸能和中国石化一起开拓这些合作领域、实现共赢发展。未来,我们将在更多领域深化合作,共同推动行业发展。”


英力士与中国石化于今日签署了一系列合资合作协议,总价值约70亿美元。三项具有里程碑意义的协议预期实现合计年产能将达700万吨,每年创造约100亿美元的销售额。本次合作将重塑英力士在中国的石化产业生产和技术布局。

第一,英力士将收购中国石油化工股份有限公司(SINOPEC)的子公司——上海赛科石油化工有限责任公司(“上海赛科”)50%股权。

上海赛科位于上海化学工业园区内,工厂占地200公顷,目前石化产品年产能为420万吨,生产包括乙烯、丙烯、聚乙烯、聚丙烯、苯乙烯、聚苯乙烯、丙烯腈、丁二烯、苯和甲苯。

第二,英力士将与中国石化按照50%:50%股权比例共同成立一家新的合资公司,目标实现120万吨/年ABS产能,以满足中国快速增长的需求。年产能60万吨的ABS项目位于宁波,目前由英力士苯领负责建设,计划于2023年底机械完工,该项目将成为合资公司的一部分。英力士与中国石化还计划合作,采用英力士全球领先的Terluran®ABS技术,建设另外两个产能30万吨/年的ABS项目。其中一个产能30万吨/年的ABS项目将位于天津,第三个项目的位置目前尚未确定。

根据第三份协议,英力士和中国石化将按照50%:50%股权比例共同成立合资公司,在天津新建50万吨/年高密度聚乙烯(HDPE)项目。另外,英力士和中国石化未来还将再建设至少两个50万吨/年高密度聚乙烯(HDPE)项目,授权许可生产英力士管材等级产品。天津项目预计于2023年底天津项目预计于2023年底FEED及机械完工。

自2021年1月英力士收购英国石油(bp)的乙酰和芳烃业务,英力士已经与中国石化有了友好合作运营的基础。基于双方20多年来在业务上已有的多方位合作,英力士与中国石化相熟已久,未来双方的合作将更加密切与默契。通过更为紧密的合资合作,中国石化将获得英力士多项世界领先的下游技术许可,同时,英力士也将在世界上增长最快的中国市场取得更大的业务规模。

英力士集团主席兼CEO Jim Ratcliffe爵士表示:“本次合作将重塑英力士在中国的石化产业生产和技术布局,我们非常荣幸能和中国石化一起开拓这些合作领域、实现共赢发展。未来,我们将在更多领域深化合作,共同推动行业发展。”

中国是英力士的重要增长市场,这一系列合资合作协议将进一步拓展英力士在中国的石化业务,并且业务重点将采用英力士领先的专有技术生产相关产品。

所有交易均需获得监管部门的批准并符合相关条件。目前预计所有交易将在今年年底前完成。项目将通过自有资金和外部融资相结合的方式提供资金支持。

结束

媒体联系人:

Richard Longden (Richard.longden@ineos.com)      +41 7996 26123
Andrew McLachlan (andrew@mediazoo.tv)             +44 7931 377162
Alex Williams (alex.williams@mediazoo.tv)             +44 7793 207325