A company in Vietnam has licensed INEOS Technology to manufacture polypropylene, a plastic polymer that is used in everything from fridges to carpets to car parts.
Vung Ro Petroleum Limited said INEOS’ Innovene PP process would give it the edge over its competitors and help it to satisfy the growing demand in the Asian market.
“The economies of Asia are growing and with that growth is a need for plastic products for infrastructure, packaging, household goods, appliances and consumer products,” said Randy Wu, Vice-President, PE/ PP Marketing and Sales at INEOS Technologies. “In the past most of those products were destined for the export market.”
Vung Ro Petroleum Limited first approached INEOS Technologies in mid-2012. Within a year, the company had signed a deal with INEOS. “That’s relatively fast for a polyolefins licensing project, many of which take years to consummate,” said Randy. “But it shows that we have done such a good job developing our relationships with clients, consultants and contractors that our reputation as a leading provider of technology is widely known in the industry.”
The refinery will be based in the Dong Hoa District of Phu Yen Province.
“INEOS’ Innovene PP process will be an integral part of our refinery project and provide us with an advanced polypropylene process with advantaged economics and broad product reach,” said Kirill Korolev, CEO of Vung Ro Petroleum Limited.