Sinopec and INEOS completed the completion of the chemical cooperation project

On December 28, the reporter learned from the Information Office of Sinopec that Sinopec and INEOS Group officially completed the delivery of two chemical cooperation projects, according to the previously announced cooperation plan, the two parties will establish joint ventures with a 50:50 share ratio to operate Shanghai SECCO Petrochemical Co.
, Ltd.
and Sinopec INEOS Boncollar (Ningbo) Co.
, Ltd.
to jointly develop the domestic chemical market
.

Ma Yongsheng, chairman of Sinopec, said that Sinopec and INEOS have a foundation of cooperation for many years, and with the landing of the two heavyweight projects, the two sides will surely join forces in the chemical industry, promoting the cooperation between the two sides to a new height
.
It is believed that under the "dual carbon" goal and the requirements of the era of energy and chemical transformation, the two sides can give full play to their respective advantages in market location, resources and technology, achieve complementary advantages and win-win development, and jointly expand more possibilities
for China's chemical industry.

Jim Ratcliffe, founder and chairman of INEOS, said that we are pleased to enter into a joint venture with Sinopec, the two companies have good development prospects, and INEOS has opened a new chapter
in its business and technology layout in China.
In the future, we can work more closely together
in other areas.

Shanghai SECCO Petrochemical Co.
, Ltd.
was established in November 2001, its predecessor is a Sino-foreign joint venture limited liability company funded by Sinopec, Shanghai Petrochemical and BP East China Investment Co.
, Ltd.
, with a total investment of more than 3 billion US dollars
.

Sinopec INEOS Boncollar (Ningbo) Co.
, Ltd.
, formerly a wholly-owned subsidiary of INEOS, was established in August
2019.
Two ABS plants, each with a capacity of 300,000 tons/year, are under construction and are scheduled to start operations
by the end of 2023.

INEOS is a global manufacturer of petrochemicals, specialty chemicals and petroleum products with 36 business segments and 194 production sites in 29 countries, and in recent years has diversified
its reach with the launch of INEOS Automotive and the INEOS Healthcare brand, the acquisition of the iconic British brand Belstaff and the growing sports business.