11 March 2013 11:53 [Source: ICIS news]
(recasts with financial detail on investment in second paragraph)
LONDON (ICIS)--INEOS is to make its largest-ever investment in China through a joint venture with state petrochemical group Sinopec to develop a 1.2m tonne/year cumene, phenol and acetone facility, the Switzerland-headquartered chemicals company said on Monday.
INEOS said the project cost would be around $500m (€385m). Signed today, the joint venture agreement covers plans to design, build and operate a facility at the Nanjing Chemical Industrial Park in Jiangsu, China.
The facility will have an annual capacity of 400,000 tonnes of phenol, 250,000 tonnes of acetone and 550,000 tonnes of cumene, and is expected to be completed by the end of 2015.
The companies received approval of their environmental impact assessment (EIA) by the Jiangsu Province Environmental Protection Bureau in November last year, leaving them free to proceed with the project.
“The project is the largest capital investment ever undertaken by INEOS and will establish the largest Phenol facility in China,” said INEOS Phenol CEO Harry Deans.
($1 = €0.77)
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