SINGAPORE : UK-based chemical and energy group INEOS has agreed to acquire a 50 per cent stake in a petrochemical project in north China owned by China's Sinopec Corp, the two companies said on Wednesday.
The Tianjin Nangang Ethylene Project is currently building a 1.2 million tonne per year ethane cracker which is expected to come onstream at the end of 2023, according to company statements.The deal follows three similar joint ventures companies announced in July, including Sinopec's sale of a 50 per cent stake in Shanghai SECCO Petrochemical to INEOS for 10.5 billion yuan .
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