AllBright assists INEOS in investing in the construction of a world-class ABS production base2020-01-113010
The signing ceremony of the 600,000-ton ABS investment project led by INEOS Styrolution was held in the Ningbo Municipal Government on January 9, 2020. Zheng Shanjie, deputy secretary of Zhejiang province party committee and secretary of Ningbo municipal party committee, Qiu Dongyao, mayor of Ningbo City and other government officials attended the signing ceremony with Kevin McQuade, chief executive officer of INEOS Styrolution, Steve Harrington, president of the Asia Pacific region and etc. This project is the early part of the strategic cooperation framework agreement signed by INEOS Styrolution and Ningbo Municipal People's Government on the same day.
Only 6 months after the announcement of acquisition of Total’s two polystyrene production bases in China, INEOS Styrolution begins to expand its capacity in China. This project, located in Ningbo Petrochemical Economic & Technological Development Zone, is a green and environmentally friendly ABS production base with a planned capacity of 600,000 tons, and is expected to begin construction in 2020 and be completed in 2023.
INEOS A.G. is one of the world’s top four petrochemical multinational giants, with 15 large petrochemical business groups and 15,000 employees, and an annual output of more than 54 million tons of petrochemical products and 20 million tons of refined petroleum products. Business network of INEOS A.G. spans the globe, with 76 large petrochemical production bases in 20 countries, and its sales in 2018 exceed 60 billion USD.
INEOS Styrolution, as a subsidiary of INEOS A.G., is a world’s leading supplier of styrene products, focusing on the production and sales of styrene monomer, polystyrene, ABS general materials and special styrene materials. INEOS Styrolution’s business covers multiple major industries including automotive, electronics, home appliances, construction, healthcare, toys / sports / leisure and packaging.
The project team entrusted to provide full legal services for the project includes AllBright Senior Partner Carl Li, Senior Associate Sheldon Wu and Associate Qiongyan Guo.