PR Newswire
28 Jul 2022, 21:30 GMT+10
FRANKFURT, Germany, July 29, 2022 /PRNewswire/ -- As part of the overall cooperation between INEOS and Sinopec[1], the two organisations today announce the formation of a 50/50 Joint Venture to produce and sell ABS[2]. 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[3], 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."
[1] Link to INEOS Group umbrella press release |
About INEOS Styrolution
INEOS Styrolution is the leading global styrenics supplier, with a focus on styrene monomer, polystyrene, ABS Standard and styrenic specialties. With world-class production facilities and more than 90 years of experience, INEOS Styrolution helps its customers succeed by offering solutions, designed to give them a competitive edge in their markets. At the same time, these innovative and sustainable best-in-class solutions help make the circular economy for styrenics a reality. The company provides styrenic applications for many everyday products across a broad range of industries, including automotive, electronics, household, construction, healthcare, packaging and toys/sports/leisure. In 2021, sales were at 6 billion euros. INEOS Styrolution employs approximately 3,600 people and operates 20 production sites in ten countries.
More information: www.ineos-styrolution.com
Follow us on Twitter (@styrolution).
Visit us at K fair in Dsseldorf, October 19-26, 2022: hall 6 / booth 6D28.
SOURCE INEOS Styrolution APAC
Get a daily dose of Asia Pacific Star news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Asia Pacific Star.
More InformationTensions between the long-time allies are not solely over tariffs and could have security implications, according to the outlet Relations...
New Delhi [India], July 14 (ANI): President Droupadi Murmu, graced the fifth convocation ceremony of AIIMS, Bhubaneswar, at Bhubaneswar,...
Dubai [UAE], July 14 (ANI): Madhya Pradesh Chief Minister Mohan Yadav, currently on an official visit to the UAE as part of the MP...
Dubai [UAE], July 14 (ANI): Madhya Pradesh Chief Minister Dr Mohan Yadav met industry leaders in the UAE's trade sector during his...
(250714) -- SHENZHEN, July 14, 2025 (Xinhua) -- Tanaka Kokoro (R) of Japan competes during the Group B match between Japan and the...
New Delhi [India], July 14 (ANI): Minister of State for External Affairs Pabitra Margherita, during his recent Malaysia visit, emphasised...
NEW YORK CITY, New York: Bitcoin surged to a new all-time high this week, buoyed by growing institutional interest and a wave of pro-crypto...
SHENZHEN, China: As global chip competition intensifies, Huawei Technologies is exploring new markets in the Middle East and Southeast...
LONDON/NEW YORK CITY: American grocery bills may be headed higher as coffee and orange juice prices face upward pressure from new tariffs...
BATTLE CREEK, Michigan: In a major consolidation of iconic food brands, WK Kellogg has agreed to be acquired by the owner of Ferrero...
WASHINGTON, D.C.: Filmmaker Peter Jackson's lifelong fascination with the extinct giant New Zealand flightless bird called the moa...
NEW DELHI, India: India has submitted a revised proposal to the World Trade Organization (WTO) in Geneva to implement retaliatory tariffs...