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China Petroleum & Chemical Corporation (hereinafter referred to as Sinopec) announced on December 24 that it has signed a memorandum of understanding with the global chemical giant LyondellBasell.
2 sets of propylene oxide/styrene devices.
This project is one of the second downstream core devices of the 1.
2 million tons/year large ethylene project of Sinopec Zhenhai Refining & Chemical Company.
Lyondell Basel, headquartered in the Netherlands, is one of the world's largest plastics, chemical and oil refining companies, as well as the world's largest producer of polymer modifiers and polyolefin technology licensors.
The joint venture company will be established at a 50:50 share ratio, and the new device will continue to use LyondellBasell’s propylene oxide/styrene technology, which can produce 300,000 tons of propylene oxide and 600,000 tons of styrene per year.
It is planned to be early 2020 Construction began and is expected to be completed and put into production in 2022.
The products will be sold by the two parent companies on a share-to-share basis.
Dai Houliang, Chairman of Sinopec, said that the project is the second propylene oxide/styrene plant constructed by Sinopec and LyondellBasell on the basis of the successful cooperation of the first plant, and it meets the requirements of the Chinese government to further expand the opening up.
, Is another result of Sinopec’s foreign cooperation.
The products of this project will better meet the needs of the domestic market.
"China's building materials, packaging and furniture markets are growing.
The establishment of joint ventures in China is an important part of the company's development strategy.
The cooperation with Sinopec gives us the opportunity to better serve the Chinese market.
" CEO Bob.
Patel (Bob Patel) said.
A subsidiary of Lyondell Basel Industrial Co.
, Ltd.
and China Petroleum & Chemical Corporation once established a joint venture (Ningbo Zhenhai Refining & Chemical Lyondell Chemical Co.
, Ltd.
) in 2007.
The total project investment is about 4.
44 billion yuan.
Leander's investment ratio is 73.
35% and 26.
65% respectively.
The joint venture company has 285,000 tons/year propylene oxide and 620,000 tons/year styrene plants.
It utilizes Zhenhai Refining & Chemical’s rich ethylene raw material resources and complete public engineering supporting facilities to introduce Lyondell’s propylene oxide/styrene proprietary Production technology.
2 sets of propylene oxide/styrene devices.
This project is one of the second downstream core devices of the 1.
2 million tons/year large ethylene project of Sinopec Zhenhai Refining & Chemical Company.
Lyondell Basel, headquartered in the Netherlands, is one of the world's largest plastics, chemical and oil refining companies, as well as the world's largest producer of polymer modifiers and polyolefin technology licensors.
The joint venture company will be established at a 50:50 share ratio, and the new device will continue to use LyondellBasell’s propylene oxide/styrene technology, which can produce 300,000 tons of propylene oxide and 600,000 tons of styrene per year.
It is planned to be early 2020 Construction began and is expected to be completed and put into production in 2022.
The products will be sold by the two parent companies on a share-to-share basis.
Dai Houliang, Chairman of Sinopec, said that the project is the second propylene oxide/styrene plant constructed by Sinopec and LyondellBasell on the basis of the successful cooperation of the first plant, and it meets the requirements of the Chinese government to further expand the opening up.
, Is another result of Sinopec’s foreign cooperation.
The products of this project will better meet the needs of the domestic market.
"China's building materials, packaging and furniture markets are growing.
The establishment of joint ventures in China is an important part of the company's development strategy.
The cooperation with Sinopec gives us the opportunity to better serve the Chinese market.
" CEO Bob.
Patel (Bob Patel) said.
A subsidiary of Lyondell Basel Industrial Co.
, Ltd.
and China Petroleum & Chemical Corporation once established a joint venture (Ningbo Zhenhai Refining & Chemical Lyondell Chemical Co.
, Ltd.
) in 2007.
The total project investment is about 4.
44 billion yuan.
Leander's investment ratio is 73.
35% and 26.
65% respectively.
The joint venture company has 285,000 tons/year propylene oxide and 620,000 tons/year styrene plants.
It utilizes Zhenhai Refining & Chemical’s rich ethylene raw material resources and complete public engineering supporting facilities to introduce Lyondell’s propylene oxide/styrene proprietary Production technology.
