Brussels, 20 February 2023
The European Commission has approved, under the EU Merger Regulation, the creation of a joint venture by INEOS AG of Switzerland and China Petroleum and Chemical Corporation (‘SINOPEC’) of China.
The joint venture, INEOS Sinopec Tianjin Petrochemicals Limited, will supply ethylene and certain of its derivatives in China. INEOS is a privately owned conglomerate that produces a range of chemicals including petrochemicals, specialty chemicals and oil products. SINOPEC is a petroleum and petrochemical state-owned enterprise.
The Commission concluded that the proposed acquisition would raise no competition concerns, given the limited activities of the joint venture in the European Economic Area. The transaction was examined under the simplified merger review procedure.
More information is available on the Commission’s competition website, in the public case register under the case number M.11010.
Source – EU Commission