SNP China Petroleum and Chemical Corp

By Jaime Llinares Taboada

INEOS Group Holdings SA said Thursday that it has signed three deals with China Petroleum & Chemical Corp. with a combined value of $7 billion.

The U.K. chemicals company will acquire a 50% stake in Sinopec's subsidiary Shanghai SECCO Petrochemical Company Ltd., which has a petrochemicals production capacity of 4.2 million tons.

In addition, it will establish two 50:50 joint ventures to build several facilities with combined annual production capacity of 1.2 million metric tons of acrylonitrile butadiene styrene and 1.5 million tons of high-density polyethylene in China.

"These agreements significantly reshape INEOS' petrochemical production and technology in China," Chairman and Chief Executive Jim Ratcliffe said.

INEOS said that these agreements will generate turnover of around $10 billion.

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

(END) Dow Jones Newswires

July 28, 2022 08:40 ET (12:40 GMT)

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