UK-based INEOS agrees to buy 50% of Sinopec's Tianjin petchem plant

China International Fair for Trade in Services (CIFTIS) in Beijing
A man takes pictures near a screen displaying a view of Sinopec's liquefied natural gas (LNG) terminal at the oil company's booth during the China International Fair for Trade in Services (CIFTIS) in Beijing, China September 1, 2022. REUTERS/Florence Lo

SINGAPORE, Dec 7 (Reuters) - UK-based chemical and energy group INEOS has agreed to acquire a 50% stake in a petrochemical project in north China owned by China's Sinopec Corp , the two companies said on Wednesday.

The Tianjin Nangang Ethylene Project is currently building a 1.2 million tonne per year (tpy) ethane cracker which is expected to come onstream at the end of 2023, according to company statements.

They did not give an investment value.

The deal follows three similar joint ventures companies announced in July, including Sinopec's sale of a 50% stake in Shanghai SECCO Petrochemical to INEOS for 10.5 billion yuan ($1.50 billion).

($1 = 6.9770 Chinese yuan renminbi)

Reporting by Chen Aizhu; editing by Jason Neely

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