$330 million! Ineos acquires Mitsui Chemical's phenol business

On April 3, Ineos Phenol announced the completion of the acquisition of all assets of Mitsui Phenol Singapore Limited from Mitsui Chemical Company, a leading chemical manufacturer in Japan, for a total cost of US $330 million.

The acquisition will add nearly one million tons of new capacity

The company has A turnover of US $750 million and produces over 1 million tonnes of products annually, including isopropylbenzene (410,000 mt/year), phenol (310,000 mt/year), acetone (185,000 mt/year), alpha-methylstyrene (20,000 mt/year) and bisphenol A(150,000 mt/year).

It is understood that the addition of phenol and bisphenol A assets in Jurong fits well with Ineos' existing portfolio of assets and provides significant integration opportunities for Ineos' production bases in Germany, Belgium and the United States.

Gordon Adams, Business Director of Ineos Phenol, said: Entering the Asian market through this acquisition gives Ineos Phenol the unique ability to support the future growth plans of our global customers, while we look forward to developing new markets and customer relationships related to bisphenol A, which will be A new product for Ineos.

Phenol, acetone, alpha-methylstyrene and bisphenol a are used in the production of polycarbonate, plastics, phenolic resins, synthetic fibers and solvents. These products are used in a variety of end markets, including the automotive, construction, electronics, healthcare, surgery and fiber industries. Ineos Phenol is the world's largest producer of phenol and acetone, with operating assets in Germany, Belgium and the US, supported by a specialist research and technology centre located in Germany.

Ineos is stepping up investment in Asia

On July 28, 2022, Sinopec and Ineos Group signed a series of cooperation agreements, including:

Sinopec transferred 50% of Shanghai Secco Petrochemical Co., LTD. Shanghai Secco was jointly operated by Sinopec and Ineos.

Sinopec acquired 50% equity of Ineos Benzene Collar High-tech Materials (Ningbo) Co., LTD., and the two parties will build two sets of 300,000 tons/year ABS resin production capacity to jointly explore the domestic ABS product market;

Both parties will establish a joint venture company in Tianjin according to the 50% : 50% equity ratio, and build a new high density polyethylene (HDPE) project of 500,000 tons/year; The two parties will also jointly build at least two 500,000-tpa high density polyethylene (HDPE) units using Ineos technology to meet domestic market demand for high-end high density polyethylene products.

On December 7, 2022, Ineos and Sinopec signed a new cooperation agreement under which Ineos will acquire a 50% stake in Sinopec's Tianjin Nangang Ethylene project. This is the fourth agreement Ineos has signed with Sinopec.