Sinopec (China Petroleum & Chemical Corporation) has signed an agreement with Swiss chemical maker INEOS to establish a joint venture in Tianjin. Sinopec has also transferred 50 percent of a subsidiary, SECCO, to INEOS.

The two companies previous announced a JV to produce ABS, the plastic behind LEGO, in July last year.?

The 30-billion-yuan (US$4.2 billion) Nangang ethylene project is expected to commence operations in I n Tianjin in April 2024 and produce 1.2 million tons of ethylene each year.

The "2022 Domestic and International Oil and Gas Development Report" states petrochemical companies need to integrate the upstream and downstream industrial chains and improve brand differentiation.