INEOS Signs Deals With Sinopec to Invest $7 Billion in China
28 Luglio 2022 - 2:55PM
Dow Jones News
By Jaime Llinares Taboada
INEOS Group Holdings SA said Thursday that it has signed three
deals with China Petroleum & Chemical Corp. with a combined
value of $7 billion.
The U.K. chemicals company will acquire a 50% stake in Sinopec's
subsidiary Shanghai SECCO Petrochemical Company Ltd., which has a
petrochemicals production capacity of 4.2 million tons.
In addition, it will establish two 50:50 joint ventures to build
several facilities with combined annual production capacity of 1.2
million metric tons of acrylonitrile butadiene styrene and 1.5
million tons of high-density polyethylene in China.
"These agreements significantly reshape INEOS' petrochemical
production and technology in China," Chairman and Chief Executive
Jim Ratcliffe said.
INEOS said that these agreements will generate turnover of
around $10 billion.
Write to Jaime Llinares Taboada at jaime.llinares@wsj.com;
@JaimeLlinaresT
(END) Dow Jones Newswires
July 28, 2022 08:40 ET (12:40 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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