20 February 2014 16:16 [Source: ICIS news]
(updates with capacity, projected sales, technologies to be used in facility)
LONDON (ICIS)--The joint venture agreed between INEOS and Sinopec to construct a new phenol/acetone unit in China is to produce 400,000 tonnes/year of phenol and 250,000 tonnes/year of acetone, the Switzerland-headquartered chemicals producer said on Thursday.
China’s Sinopec Yangzi Petrochemical Co said earlier on Thursday that it is to jointly invest yuan (CNY) 3.16bn ($521m) with INEOS to build a new 650,000 tonnes/year phenol/acetone facility in Nanjing. The plant will also produce 550,000 tonnes/year of cumene, and represents INEOS's largest ever capital investment in China, the company added.
The plant, which is a 50:50 joint venture between INEOS and Sinopec, is expected to be completed in 2016, it said.
Set to be China’s largest phenol production facility, the complex will utilise INEOS’s phenol technology and Sinopec’s cumene technology, INEOS said, with forecast annual sales of CNY4.9bn. Product will be sold to domestic and on-site customers, it added.
A technology transfer agreement was signed between INEOS and Sinopec Yangzi Petrochemical on 18 February for the plant, Sinopec said in a statement.
Phenol and acetone are important organic chemical intermediates widely used in synthetic fibre, plastic, synthetic rubber, medicine, pesticide and leather coating industries.
($1 = CNY6.07)
Additional reporting by Viola Pan
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