Cepsa´s chemical plant in Shanghai will be inaugurated on April 28, and has been one of the biggest projects in its international growth and expansion strategy that it has carried out.

Cepsa´s Chairman HE Khadem Al Qubaisi, said: “The opening of this new plant is the culmination of one of the central projects in the Company´s Strategic Plan, which is to grow the chemical business, with a particular focus in Asia”.

“The construction project and start-up of this new plant underlines IPIC´s commitment to Cepsa´s international growth plans,” Cepsa´s Chairman added.

The construction of the new plant began in April 2011, and will help to make Cepsa Química´s production more flexible with facilities in both Spain and China, as well as consolidating its global position in the petrochemicals market.

Cepsa´s new plant, which is located on Shanghai´s Chemical Industrial Park, will have an annual production capacity of 250,000 mt of phenol, and 150,000 mt of acetone. The installations will make Cepsa the world´s second biggest phenol and acetone producer.

Phenol is a raw material with multiple uses across various sectors, from construction to automobiles, and pharmaceuticals. It is used in the production of automobile dashboards, insulation, a huge range of plastics, CDs, bike helmets, wind turbines, solar panels, aspirins and more. Acetone is a bi-product of phenol which works as an excellent thinner for natural and synthetic oils, as well as in the production of resins, rubbers, paint, varnishes and inks, although its most important use is in the production of methyl methacrylate.

About Cepsa

CEPSA is an energy group fully owned by the International Petroleum Investment Company (IPIC). It employs more than 10,500 people and operates at every stage of the hydrocarbon value chain. It is engaged in petroleum and natural gas prospecting and production activities, refining, transport and sale of crude oil and natural gas derivatives, biofuels, co-generation and electricity sales. CEPSA has developed a world-class chemicals division that is tightly integrated with its oil refining segment, where feedstock is manufactured and sold for the production of components with high value-added, chiefly used in making new-generation plastics and biodegradable detergents. It has a prominent position in Spain and, through the continuing international expansion of its business, it also operates in 15 countries, marketing its products all over the world.