INEOS Phenol has today confirmed that the National Development and Reform Committee (NDRC) of the People’s Republic of China have re-approved its planned investment for a 400kte Phenol facility in Zhangjiagang.
The request for re-approval was made by INEOS following the completion of front-end engineering, initial project financing discussions and a review of recent economic developments.
“We are pleased with the confidence shown by China’s Governmental authorities in INEOS' technology, business plan, and reputation”, said Leen Heemskerk, CEO of INEOS Phenol. “The re-approval supports our effort to be a major producer in the Asian market and confirms that the Chinese market is supportive of phenol/acetone manufacturing facility of this capacity and scale.”
“I am very appreciative of the strong support from the Zhangjiagang government and the Zhangjiagang Free Trade Zone in their continued effort to development this investment option"
As previously announced, INEOS Phenol is focused on strengthening their China investment by seeking stronger raw material integration and potential Chinese partnerships. INEOS Phenol is the world's largest producer of Phenol and Acetone.
For further information contact:
Richard Longden – INEOS - Tel: +44 (0) 7710 371998
Note to editors:
INEOS Phenol, currently has a nameplate capacity of 1870 ktpa of phenol and 1150 ktpa of acetone a year. It has a turnover of around €2.7 billion and employs 600 people worldwide. The company is the world's largest producer of Phenol and Acetone and the only manufacturer with production facilities both in Europe and America .
It is expected that production from the Zhangjiagang facility will serve the growing market for phenol and acetone in China and will free capacity at the company’s European and US plants to meet growth in these regions. The completion of this new plant in China will increase INEOS Phenol’s overall annual capacity to over 2.3 million tonnes of phenol and 1.4 million tonnes of acetone.
Phenol and Acetone are used in the production of polycarbonate, plastics, phenolic resins, synthetic fibres (such as nylon) and solvents. These products are used in a diverse range of endmarkets, including the automotive, construction, electronics and fibre industries.
INEOS is the world’s third largest chemicals company; a leading manufacturer of petrochemicals, specialty chemicals and oil products. Comprising 17 businesses, with a production network spanning 64 manufacturing facilities in 14 countries, the company produces more than 30 million tonnes of petrochemicals, 20 million tons per annum of crude oil refined products (fuels). INEOS employs 15,500 people and has sales of around $47bn.