INEOS STYROLUTION AND SINOPEC ANNOUNCE JOINT VENTURE FOR ABS IN CHINA

• … to serve rapidly growing markets in China
• Annual production of 1.2 million tons ABS

FRANKFURT, Germany, July 29, 2022 /PRNewswire/ -- As part of the overall cooperation between INEOS and Sinopec^[1], the two organisations today announce the formation of a 50/50 Joint Venture to produce and sell ABS^[2]. The Joint Venture will build production of 1.2 million tonnes of ABS to supply the rapidly growing domestic market in China.

The world-scale ABS plant in Ningbo^[3], which is currently under construction by INEOS Styrolution and planned to become operational in 2023, will become part of the new Joint Venture. This will provide a strong cornerstone in an organisation that is poised to become an ABS leader in China.

Steve Harrington, CEO INEOS Styrolution, comments: "INEOS Styrolution has come a long way from being a Joint Venture itself in its early years. After acquisitions and investing into new green-field production sites, setting up this Joint Venture with a strong partner in China feels like the natural next step for growth. We entered China with our first local production sites in 2019. The collaboration with Sinopec allows us to continue to grow in China in fast-forward mode."

Rob Buntinx, President APAC at INEOS Styrolution, adds: "We are particularly excited that our Terluran^® ABS is the basis for this cooperation. While INEOS Styrolution contributes to the Joint Venture with technology, customers, and market expertise, Sinopec provides feedstock integration, and an unequalled network in China. We are looking forward to the collaboration with Sinopec. A one-off opportunity to accelerate our growth ambitions in Asia."

About INEOS Styrolution

INEOS Styrolution is the leading global styrenics supplier, with a focus on styrene monomer, polystyrene, ABS Standard and styrenic specialties. With world-class production facilities and more than 90 years of experience, INEOS Styrolution helps its customers succeed by offering solutions, designed to give them a competitive edge in their markets. At the same time, these innovative and sustainable best-in-class solutions help make the circular economy for styrenics a reality. The company provides styrenic applications for many everyday products across a broad range of industries, including automotive, electronics, household, construction, healthcare, packaging and toys/sports/leisure. In 2021, sales were at 6 billion euros. INEOS Styrolution employs approximately 3,600 people and operates 20 production sites in ten countries.

More information: www.ineos-styrolution.com

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