SPX4,228.48-55.26 -1.29%
DIA337.04-2.88 -0.85%
IXIC12,705.22-260.13 -2.01%

Sinopec agrees deals with INEOS, sells stake at Shanghai plant for $1.56 bln

Sinopec agrees deals with INEOS, sells stake at Shanghai plant for $1.56 bln

Reuters · 07/28/2022 07:43
Sinopec agrees deals with INEOS, sells stake at Shanghai plant for $1.56 bln

- China's Sinopec Corp 0386.HK announced a string of deals with UK-based chemical and energy group INEOS including the sale of a 50% stake in Shanghai SECCO Petrochemical for 10.5 billion yuan ($1.56 billion).

The Chinese oil and gas major also said it will acquire a 50% stake for $631 million in an INEOS-owned venture based in east China that produces ABS plastic used for making automotive parts and pipes.

On top of a 600,000 tonne per year ABS plant under construction, the companies plan to add two more facilities each capable of producing of 300,000 tonnes a year, incorporating INEOS' technology, Sinopec said.

Separately, the two firms will set up a joint venture with equal equity in the Chinese city of Tianjin to manufacture high density polyethylene.

The joint venture will have a registered capital of about 623 million yuan, Sinopec said.




($1 = 6.7481 Chinese yuan renminbi)


(Reporting by Chen Aizhu; Editing by Kirsten Donovan)

((aizhu.chen@thomsonreuters.com; Reuters Messaging: aizhu.chen.reuters.com@reuters.))