26 January 2011 12:42 [Source: ICIS news]
LONDON (ICIS)--INEOS plans to move ahead with its joint venture with Sinopec for a 400,000 tonne/year phenol plant in ?xml:namespace>
The signing of a detailed memorandum of understanding on the plan was expected to be made public soon, moving the project on from the letter of intent, which was signed by INEOS and Sinopec in January 2010, INEOS’s Tom Crotty said.
“The next phase is to turn that letter of intent into a proper memorandum of understanding, which is the next stage before a finished contract. This will describe how [the joint venture] would work, which will then lead to the signing of binding contracts.”
He added: “We hope to make progress during this year in getting everything signed up so that we can start construction in 2012.”
The plant is expected to be located in the
In addition to phenol, the plant will produce 250,000 tonnes/year of acetone, making it the largest plant of its kind in
Earlier this month, INEOS signed framework agreements with PetroChina and its parent company, China National Petroleum Corporation (CNPC), related to partnerships in refining, trading and petrochemicals.
For more on INEOS and Sinopec, visit ICIS company intelligence
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