AFPM ’13: INEOS seeks strong returns from Asia investments

25 March 2013 16:58  [Source: ICIS news]

SAN ANTONIO, Texas (ICIS)--INEOS will only invest in Asia if it can make a good return on its investment, CEO of the $43bn-turnover chemicals group, Jim Ratcliffe, said on Monday.

“We’ve spent a lot of time looking at Asia and the Middle East,” Ratcliffe said in answer to questions following his acceptance of the 17th Petrochemical Heritage Award from the Chemical Heritage Foundation, which was presented at the 38th American Fuel & Petrochemical Manufacturers (AFPM) International Petrochemical meeting (IPC).

The company had taken seven years to negotiate an acceptable deal on a world scale phenol plant in China, he said.

Swiss-headquartered INEOS is to make its largest ever investment in China with state-controlled Sinopec for a 1.2m tonne/year cumene, phenol and acetone facility.

The plants will produce 400,000 tonnes/year of phenol, 250,000 tonnes a year of acetone and 550,000 tonnes/year of cumene. The project is expected to cost about $500m (€385m) and is due for completion at the end of 2015.

“We are looking at a number of things in Asia,“ Ratcliffe said, without expanding further. “It’s quite difficult to go to Asia and solidly make money out of it,” he added.

The IPC takes place from Sunday through Tuesday.

($1 = €0.77)

By: Nigel Davis
+44 20 8652 3214

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