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It is understood that the annual production capacity of the new plant will reach 400,000 tons of phenol and 250,000 tons of acetone, and also include the ability to produce 550,000 tons of cumene per year. The project is planned to be completed by the end of 2013.
Sinopec's local raw material advantages and Ingredi's proprietary phenol technology are the basis for the cooperation between the two parties. Ineos has plants in Germany, Belgium and the United States; Sinopec is a leading phenol and acetone producer in China and has three production sites in Shanghai, Beijing and Tianjin. At present, China is the fastest growing market for phenol and acetone in the world, and it is expected that the joint venture's products will supply the growing Chinese phenol and acetone markets. At the same time, the completion of the new factory in China will increase the total phenol and acetone production capacity of Ineos to 2.3 million tons and 1.4 million tons respectively.
Intelli's CEO Tony said: "The joint venture will enable Ineos to bring its proprietary technology to China, and together with Yangzi Petrochemical bring considerable value to customers."
Ineos Sinopec builds 400,000 tons of phenol plant
INEOS Phenol recently signed a memorandum of understanding with Sinopec Yangzi Petrochemical Company to establish a phenol/acetone joint venture company in Nanjing Chemical Industry Park, Jiangsu Province, and to achieve a "design and future operational framework." Both parties signed a letter of intent in December 2009.