INEOS Phenol to invest in 400,000 tonne phenol acetone plant in China
Lyndhurst, UK, 19th February 2007: Following approval by the National Development Reform Commission (China), the Ministry of Commerce and the Jiangsu Province Administration of Industry and Commerce, INEOS Phenol has announced its intention to invest in a 400,000 tonne phenol plant in Zhangjiagang, Jiangsu Province, China. The new facility, which will also produce 250,000 tonnes of acetone, will be solely owned by INEOS and is expected to be completed at the end of 2009.
It is expected that production from the Zhangjiagang facility will serve the growing market for phenol and acetone in China and will free capacity at the company’s European and US plants to meet growth in these regions. The completion of this new plant in China will increase INEOS Phenol’s overall annual capacity to over 2.2 million tonnes of phenol and 1.2 million tonnes of acetone.
“When completed, INEOS will be the only company in the world to have phenol and acetone production in Europe, the US and Asia” said Alberto Spera, CEO INEOS Phenol. “The new plant will provide a firm foundation for our strategy as we grow capacity to meet the increasing needs of our customers around the world. As well as directly supporting customers in Asia, this plant will also help us to maintain the flexibility and security of supply required by our customers in the US and Europe. We are very pleased to make this step, which will give us a tremendous position in the most dynamic and fast growing market worldwide”
This announcement follows closely behind the INEOS agreement, in January, to manufacture HF in Shangrao, Jiangxi Province and reinforces the company’s commitment to increase its manufacturing capabilities in Asia, with a particular focus on China.
For further information contact:
Richard Longden – INEOS Fluor - Tel: +44 1928 513064
www.ineosphenol.com
www.ineos.com
Note to editors:
INEOS Phenol, currently has a nameplate capacity of 1690 ktonnes of phenol and 1050 ktonnes of acetone a year. It has a turnover of around €3.2 billion and employs 600 people worldwide. The company is the world's largest producer of Phenol and Acetone and the only manufacturer with production facilities both in Europe and America .
Phenol and Acetone are used in the production of polycarbonate, plastics, phenolic resins, synthetic fibres (such as nylon) and solvents. These products are used in a diverse range of endmarkets, including the automotive, construction, electronics and fibre industries.
INEOS is the world’s third largest chemicals company; a leading manufacturer of petrochemicals, specialty chemicals and oil products. Comprising 18 businesses, with a production network spanning 68 manufacturing facilities in 17 countries, the company produces more than 30 million tonnes of petrochemicals, 20 million tons per annum of crude oil refined products (fuels). INEOS employs 15,000 people and has sales of around $33bn.