Joint Venture Ineos and Sinopec Break Ground on the Largest Phenol Acetone Plant in China
Ineos Phenol and Sinopec Yangzi Petrochemical Company have broken ground on the largest Phenol and Acetone plant to ever built in China. The ground-breaking ceremony for the 1,2 million tonne development was held in Nanjing Chemical Industry Park (NCIP). Ineos largest investment in China will be complete at the end of 2016, officials say.
Nanjing/China – Ineos and Sinopec YPC have established a 50 % / 50 % joint venture company with a total investment of approximately $ 0.5 billion which will generate annual sales revenue of around $ 0.8 billion. It is expected that the new plant will be completed and operational by the end of 2016.
The project achieved regulatory approval by National Development Reform Commission (NDRC) on the 27th August. In addition the Jiangsu Province and Nanjing Municipal Government gave the green light to progress the project and start building the plant.
The new Joint Venture partnership will benefit from Sinopec's local feedstock advantages and cumene technology alongside Ineos proprietary phenol technology. The annual capacity of the new facility will be at least 400,000 t of phenol and 250,000 t of acetone. It will also include 550,000 t/a of cumene capacity. Together, with associated infrastructure, the Joint Venture will be the largest capital investment ever undertaken by Ineos in China.