INEOS acquires Mitsui Singapore Phenol Company for US$330 million

On August 26, INEOS announced that it would acquire all of the assets of Mitsui Phenol Co.

The acquisition can increase the production capacity by nearly one million tons

With a turnover of US$750 million, the company produces more than 1 million tonnes of products annually, including cumene (410,000 tonnes/year), phenol (310,000 tonnes/year), acetone (185,000 tonnes/year), α-methylstyrene (20,000 tonnes/year) and bisphenol A (150,000 tonnes/year).

The addition of Jurong phenol and BPA assets is well aligned with INEOS' existing portfolio and provides important integration opportunities

Gordon Adams, Business Director of INEOSPhenol, said: "Entering the Asian market through this acquisition gives INEOSphenol a unique ability to support the future growth plans of our global customers, and we look forward to developing new markets and customer relationships related to BPA, which will be a new product

INEOS is ramping up investment in Asia

On July 28, Sinopec signed a series of cooperation agreements with Ineos Group, including:

Sinopec transferred 50% of the equity of Shanghai SECCO Petrochemical Co.

Sinopec acquired 50% equity of Ineos Benzene Ling High-tech Materials (Ningbo) Co.

The two parties will establish a joint venture in Tianjin in accordance with the 50%:50% equity ratio to build a new 500,000 tons/year high-density polyethylene (HDPE) project; The two companies will also use INEOS technology to jointly build at least two sets of 500,000 tons/year high-density polyethylene (HDPE) units to meet the domestic market demand for high-end high-density polyethylene products