INEOS to acquire a 50% stake in the Tianjin Nangang Ethylene Project from Sinopec.

INEOS, a chemical producer, agreed to acquire a 50% stake in the Tianjin Nangang Ethylene Project, a project to promote the national strategy of coordinated development of Beijing, Tianjin and Hebei, from Sinopec, a Chinese oil and gas enterprise. Financial terms were not disclosed. “SINOPEC and INEOS have enjoyed many years of partnership and this agreement is further testament to the cooperation between our companies, which is taken to a new level. The decision is driven by our dual goals of reducing carbon emissions and managing the energy transition within our businesses, from refining all the way through petrochemicals. SINOPEC will give INEOS a significant local presence and INEOS will contribute its technological and operational expertise, which will create a win-win for the cooperative development of both companies,” Ma Yongsheng, Sinopec Chairman.