Ineos Styrolution and Sinopec announce joint venture for ABS in China
As part of the overall cooperation between INEOS and SINOPEC, the two organisations announce the formation of a 50/50 joint venture to produce and sell ABS. The joint venture will build production of 1.2 million tonnes of ABS to supply the rapidly growing domestic market in China.
The world-scale ABS plant in Ningbo, which is currently under construction by INEOS Styrolution and planned to become operational in 2023, will become part of the new joint venture. This will provide a strong cornerstone in an organisation that is poised to become an ABS leader in China.
Steve Harrington, CEO INEOS Styrolution, comments: “INEOS Styrolution has come a long way from being a joint venture itself in its early years. After acquisitions and investing into new green-field production sites, setting up this joint venture with a strong partner in China feels like the natural next step for growth. We entered China with our first local production sites in 2019. The collaboration with SINOPEC allows us to continue to grow in China in fast-forward mode.”
Rob Buntinx, President APAC at INEOS Styrolution, adds: “We are particularly excited that our Terluran® ABS is the basis for this cooperation. While INEOS Styrolution contributes to the joint venture with technology, customers, and market expertise, SINOPEC provides feedstock integration, and an unequalled network in China. We are looking forward to the collaboration with SINOPEC. A one-off opportunity to accelerate our growth ambitions in Asia.”
