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Ineos will buy a 50% interest in an ethylene cracker complex that the Chinese petrochemical maker Sinopec is building in Tianjin, China. To be completed next year, the complex will also have 12 derivative plants. The move follows a deal Ineos announced in July to purchase half of Sinopec’s Shanghai Secco Petrochemical complex. At the time, Ineos announced plans to build polyethylene plants with Sinopec and form an acrylonitrile-butadiene-styrene polymer joint venture that includes a plant that Ineos was already building in China, as well as a future facility. Ineos estimated that the two firms’ partnerships will generate $10 billion in annual sales.
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