INEOS Aromatics and CRC mark key milestone in long-term partnership
INEOS Aromatics Zhuhai and China Resource Chemical (CRC) have marked a key milestone in their long-term partnership: supplies of PTA to CRC totaling 4 million tons in November 2021.
Mr Bill Zhao, Business Director, INEOS Aromatics Asia, and Mr Zhenda Zhu, General Manager, CRC, together led a ceremony in the INEOS Zhuhai office to recognize the memorable cooperation record. During the ceremony, the leaders exchanged business strategies and deep dived on new cooperation opportunities.
CRC started their PET resin business in 2007 with one production site in Changzhou and a capacity of 270 kilo tons per annum. Fourteen years on, another site has been added in Zhuhai and total capacity has grown eight-fold to an impressive 2.1 million tons per annum. This has led to a successful IPO on the Shenzhen Stock Exchange in October 2021, with plans to expand further both domestically and overseas.
INEOS Aromatics supplied PTA to CRC from day 1 and has witnessed the growth of the PET business. The businesses expanded the partnership by signing a co-location agreement in 2011, leading to PTA sales totaling 4 million tons per annum in November 2021.
PET resins are used to make food and beverage packaging – PET-based packaging is a preferred choice because it is hygienic, strong, lightweight, shatterproof and retains product freshness. Other parts of the polyester industry use PTA to make fibres, textiles and film.
Bill Zhao says, 'The strength of any partnership is based on the parties being able to trust one another. I’m proud that throughout a long partnership, the INEOS Aromatics team has been a reliable, high quality supplier of product CRC has needed to expand in such an extraordinary way.'
He adds, 'At INEOS Aromatics, we are part of one of the world’s most successful chemical companies and we are ready to use our global platform to support customers as they continue growing to meet the strong demand for essential products. We welcome customers to come to our sites, invest in co-location projects and share the success of strong partnership.'
A global business with a turnover of $4 billion per year, INEOS Aromatics has production sites in the USA, Belgium, Indonesia, Taiwan and Mainland China. It became part of INEOS, one of the world’s leading chemical companies, with total turnover of over $65 billion per annum, in January 2021 as part of its acquisition of the bp petrochemicals business.