SHANGHAI–(BUSINESS WIRE/AETOSWire)— INVISTA’s technology and licensing group, INVISTA Performance Technologies (IPT), and China Petrochemical International Co., Ltd. (“Sinopec Yizheng”) have reached an agreement for licensing of INVISTA’s industry leading PTA P8++ technology for Sinopec Yizheng’s third PTA line. This plant will be installed in Jiangsu province, China, with an annual name-plate capacity of 3 million tonnes.
Sinopec Yizheng previously utilised IPT’s P6 PTA technology for its 450,000 te/annum second PTA line. Sinopec Yizheng and INVISTA are pleased to once more leverage this technology to create long-term value for both parties.
This is a further confirmation of INVISTA’s strategy of relentlessly improving its PTA technology offering, through a combination of increased scale, reduced capital and variable cost per tonne of PTA, and greater sustainability.
During the recent project kick-off meeting, Mr. Guo Xiaojun, Sinopec Yizheng’s General Manager, expressed his trust in the INVISTA PTA technology and extended his gratitude towards the INVISTA project team. Mr. Guo said, “These 3 million te/annum PTA plants is a major project for SINOPEC during the 14th five-year plan period and a critical project for Sinopec Yizheng as well. I look forward to the cooperation between the two parties. To ensure the success of the project, we will execute the project in an effective manner by setting the goal as ‘excellent quality, fast schedule and profitable investment’.”
Adam Sackett, IPT vice president of PTA, commented, “Following the experience of working directly with the Sinopec Yizheng team on the second PTA line in 2003, I am excited by this new chapter in the partnership between our organizations. The manufacturing capability of Sinopec Yizheng combined with INVISTA’s industry leading PTA technology is a great fit, which should meet the ambitious project goals set by Mr. Guo.”
INVISTA’s industry-leading PTA technology, including its latest version of P8 technology, is available as a license package from IPT. For more information, please visit the IPT website at www.ipt.invista.com.