Slaughter and May is advising INEOS on its proposed 50:50 joint venture with SINOPEC in respect of a 300,000 tonnes per year ABS plant in Tianjin, China, based on INEOS’ Terluran® ABS technology. The relevant joint venture shareholders' agreement was signed on 30 August 2023.
This is the second of three proposed ABS plants to be constructed by INEOS and SINOPEC as joint venture partners. Slaughter and May has also been advising INEOS on its other petrochemicals production facilities joint ventures with Sinopec announced in July and December 2022.
Justin Chan, lead partner on the transaction, said “we are honoured to have advised on the latest joint venture between INEOS, our long-term client, and SINOPEC. Our work on this transaction as well as our advice on other joint ventures between INEOS and SINOPEC underline our Firm’s consistent capabilities in handling complex cross-border foreign investments into China.”
The transaction is subject to customary completion conditions, including regulatory and anti-trust approvals.
Slaughter and May worked closely with Jonny Ginns and Michel De Puydt from the in-house legal team at INEOS.
INEOS is a global manufacturer of petrochemicals, speciality chemicals and oil products. Comprising 36 individual businesses, INEOS operates 194 facilities in 29 countries throughout the world.
SINOPEC is one of the largest integrated energy and chemical companies in China.