Less than a year after announcing the acquisition of two polystyrene production sites in China, INEOS Styrolution embarks on plans to grow its production capacity in the country significantly. The company plans to construct a green field ABS plant adjacent to the Ningbo polystyrene site in the Zhejiang Province in Eastern China.
Its annual capacity is planned to be at 600,000 tonnes. Construction is planned to start in 2020, completion is expected in 2023.
The announcement made by INEOS Styrolution forms part of a wider Strategic Cooperation Framework Agreement with the Ningbo Municipal People’s Government signed today by INEOS. This framework agreement will help facilitate mutual benefit between INEOS and Ningbo City.
“China is the biggest ABS market in the world. This new investment will give us a tremendous opportunity to provide our customers in the region with locally produced ABS grades,” Steve Harrington, President Asia-Pacific said.
“Asia has been identified by us as a significant growth market,” adds Kevin McQuade, CEO INEOS Styrolution. “Today’s announcement shows our dedication to our Triple Shift growth strategy. As the global leader in styrenics, we are committed to supporting our Chinese customers’ growth with our new local production capacities.”
