INEOS has completed the formation of a 50/50 joint venture with SINOPEC for the Tianjin Nangang Ethylene Project, announced in December 2022, which is currently under construction by SINOPEC and expected to be on-stream by April 2024.

The petrochemical complex includes a 1.2 mtpa cracker, a new 500ktpa High-Density Polyethylene plant to produce INEOS pipe grade under license and 11 other derivative units.

The completion of the agreement today marks the continued progression of the significant petrochemical deals announced by the parties in July and December last year, and highlights the close relationship and growing collaboration between SINOPEC and INEOS.

About INEOS

INEOS is a global petrochemicals manufacturer, comprising 36 individual businesses. We operate 194 facilities in 29 countries throughout the world, employing 26,000 people. INEOS makes the raw materials and energy used for everyday life. Its products make an indispensable contribution to society by providing the most sustainable options for a wide range of societal needs. For example, preservation of food and clean water; construction of wind turbines, solar panels and other renewable technologies; for construction of lighter and more fuel-efficient vehicles and aircraft; for medical devices and applications; for clothing and apparel; and for insulation and other industrial and home applications. In recent years INEOS has diversified with the launch of INEOS Automotive and INEOS Hygienics, acquisition of iconic British brand Belstaff and an ever-expanding sports portfolio. A blend of opportunism, belief that it can add value in pursuit of its core values and passion for adventure.

INEOS businesses have put in place the plans and actions needed to ensure that they lead the transition to a net zero economy by no later than 2050, whilst remaining profitable. As part of its greenhouse gas emission reduction strategy.

About Sinopec

China Petrochemical Corporation (Sinopec Group) is a super-large petroleum and petrochemical enterprise group, established by the state in July 1998 on the basis of reconstructing the former China Petrochemical Corporation. Beijingbased Sinopec Group has a registered capital of RMB 274.9 billion with the board chairman of Sinopec Group serving as its legal representative. Sinopec Group exercises the investor’s rights to the related state assets owned by its full subsidiaries, controlled companies and share-holding companies, including receiving returns on assets, making major decisions and appointing managers. The Group operates, manages and supervises state assets according to related laws, and shoulders the corresponding responsibility of maintaining and increasing the value of state assets.