On the 30th August, INEOS and SINOPEC signed a shareholder agreement for the formation of a 50:50 joint venture to build a new 300ktpa ABS plant in Tianjin. The plant, which is currently under construction by SINOPEC, will be based on INEOS’ world-leading Terluran® ABS technology and is planned to come on stream in April 2025.
This is the second of three new-build ABS plants announced by both companies last year, each to be managed as a joint venture between INEOS Styrolution and SINOPEC. The first was the 600ktpa facility in Ningbo, which is planned to come on stream by the end of this year. The location of the third ABS plant is yet to be decided.
This announcement 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.
The deal includes the 600kt Acetic Acid plant and all associated third party activities on the site. Eastman and INEOS have also entered into a Memorandum of Understanding to explore options for a long-term supply agreement for vinyl acetate monomer.
The Supervisory Board of Borealis has accepted the decision of Lucrèce Foufopoulos-De Ridder, EVP Polyolefins, Circular Economy Solutions and Innovation & Technology to step down from her executive position at Borealis, and the Board of Borouge Pte effective 31 December 2023 to pursue other career opportunities.
Sidel has launched a new 100% rPET bottle base, StarLiteR, aiming to help carbonated soft drink (CSD) packaging producers embrace material circularity. StarLiteR allows CDS producers to switch to rPET bottle production easily and efficiently, while significantly reducing the impact on product quality or packaging integrity.