INEOS has completed the formation of a 50/50 joint venture with SINOPEC for the Tianjin Nangang Ethylene Project, announced in December 2022, which is currently under construction by SINOPEC and expected to be on-stream by April 2024. The petrochemical complex includes a 1.2 mtpa cracker, a new 500ktpa High-Density Polyethylene plant to produce INEOS pipe grade under license and eleven other derivative units. The press release stated that the completion of the agreement marks the continued progression of the significant petrochemical deals announced by both the companies in July and December 2022, and highlights the growing collaboration between SINOPEC and INEOS.
