EPCA '11: INEOS seeks ventures in Middle East, China

02 October 2011 17:03  [Source: ICIS news]

BERLIN (ICIS)--Switzerland-headquartered INEOS is involved in active discussions on possible joint-venture projects in the Middle East and is seeking further investment opportunities in China, board director Tom Crotty said on Sunday.

The firm is still looking at potential deals in the Middle East and China, he said on the sidelines of the 45th annual European Petrochemical Association (EPCA) meeting. The company is keen to extend its geographic footprint, which is concentrated on Europe and North America, he added.

INEOS wants to lever its “fantastic” phenol, ethylene oxide (EO), acrylonitrile (ACN) and oligomers (short chain polymers) technologies into future joint-venture projects, Crotty said.

The company has a joint-venture phenol project in Nanjing, China, with giant oil/petchems group Sinopec.

It struck a $1bn (€750m) refinery joint-venture deal with PetroChina this year that included a parallel deal on refining and petrochemical technology with China National Petroleum Corporation (CNPC). No potential plans have emerged yet from the CNPC agreement.

($1 = €0.75)

By: Nigel Davis
+44 20 8652 3214

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