$330 Million! INEOS Acquires Mitsui Phenol Singapore

On August 26, INEOS announced that it would acquire all the assets of Mitsui Phenol Co., Ltd., located in Jurong Island, Singapore, from Mitsui Chemicals, a leading Japanese chemical manufacturer, for a total price of US$330 million. The transaction is subject to regulatory approval and is currently expected to close in the first quarter of 2023.

The acquisition can add nearly one million tons of production capacity

Jurong Island, Singapore, the enterprise has a turnover of US$750 million and produces more than 1 million tons of products per year, including cumene (410,000 tons/year), phenol (310,000 tons/year), acetone (185,000 tons/year) ), α-methylstyrene (20,000 tons/year) and bisphenol A (150,000 tons/year).

The addition of Jurong Phenol and Bisphenol A assets fits well with INEOS' existing portfolio and provides significant integration opportunities for INEOS' production sites in Germany, Belgium and the United States.

Gordon Adams, Business Director, INEOS Phenol, said: "The entry into the Asian market through this acquisition gives INEOS Phenol a unique ability to support the future growth plans of our global customers, while we look forward to developing new markets and customers related to BPA. Relationship, BPA will be a new product of INEOS.

INEOS increases investment in Asia

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

Sinopec transferred 50% equity of Shanghai Secco Petrochemical Co., Ltd., and Shanghai Secco was jointly operated by Sinopec and INEOS;

Sinopec acquired a 50% stake in INEOS Styrolution High-tech Materials (Ningbo) Co., Ltd., and the two parties will build two more sets of 300,000 tons/year ABS resin production capacity to jointly develop the domestic ABS product market;

The two parties will establish a joint venture company in Tianjin with a 50%:50% equity ratio to build a new 500,000-ton/year high-density polyethylene (HDPE) project; the two parties will also use INEOS technology to jointly build at least two 500,000-ton/year high-density polyethylene (HDPE) projects. Density polyethylene (HDPE) plant to meet the domestic market demand for high-end HDPE products.