Slaughter and May is advising INEOS on its proposed 50:50 joint venture with SINOPEC in respect of the Tianjin Nangang Ethylene Project, which is currently under construction by SINOPEC. The Project is currently building a 1.2 million tonne ethane cracker and a full suite of downstream derivative plants in Tianjin, China, some of which will be using technology licensed by INEOS.
This is INEOS’ fourth venture signed in 2022 with SINOPEC. Slaughter and May has also been advising INEOS on the three landmark joint ventures with SINOPEC for an aggregate value of US$7 billion announced earlier this year.
Justin Chan, lead partner on the transaction, said “We are excited to have advised our long-term client, INEOS, again on its latest joint venture with SINOPEC, which significantly expands INEOS’ petrochemical production and business footprint in China. Our work on this transaction, together with our earlier advice for INEOS’ three other joint ventures with Sinopec earlier this year, have demonstrated our Firm’s capability to handle complex transactions involving a cross-border element.”
The transaction is subject to customary completion conditions, including regulatory and anti-trust approvals.
Slaughter and May worked closely with Jonny Ginns, Robert Mace 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.
Shao Ji Ng / Registered foreign lawyer