According to overseas media, the Ineos Group Ltd. issued a statement saying that they had already signed letter of intent with China Petrochemical Corporation, to set up a joint venture. Recently, Yangzi Petrochemical Company Ltd. has confirmed this news, but they refused to disclose more details since the cooperation is only in the phase of intent.
Ineos said they will jointly build a joint venture with YPC in Nanjing Chemical Industry Park.The plant is scheduled to produce 400,00 ton of phenol and 250,00 ton of acetone annually and the project will be completed in 2013.
The Ineos Group Ltd. of UK is a private owned chemical group and the 3rd largest chemical company in the world. In recent years, the group has frequently seeked for cooperation in China. It is the biggest producer of phenol and acetone worldwide. At present, its sole-source investment production base has been built in Zhangjiagang. (Nanjing Daily)
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