INEOS and Sinopec negotiate JV to build and operate a 400,000 tonne phenol plant in Jiangsu.
INEOS phenol and Sinopec Yangzi Petrochemical Company have signed a Letter of Intent to study and negotiate a joint venture to build and operate a phenol/acetone manufacturing site at the Nanjing Chemical Industrial Park in Jiangsu Province, China.
The expected annual capacity of the new facility will be 400,000 tons of phenol and 250,000 tons of acetone making it the largest plant of its kind in China. The facility will also include 550,000 ton/year of cumene capacity. The location of the plant in Nanjing places it at the center of China's strongest market for both phenol and acetone. It is currently expected that the project will be completed in 2013.
Leen Heemskerk, CEO of INEOS Phenol stated, "Building manufacturing capability in the world's fastest growing market is strategically important for INEOS Phenol. The partnership of Sinopec YPC, INEOS Phenol and the Nanjing Chemical Industry Park combines superior technology, full feedstock and supply chain integration, and strong operating cultures. We look forward to developing this investment which will provide competitive products and integration investment opportunities to our customers."
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