Jan 16 2007
INEOS Fluor Limited and Zhejiang Xing Teng Chemical Company Limited today announced the formation of a joint venture – Jiangxi In-Tech Chemical Company Limited. The JV has been established to produce high purity Anhydrous Hydrogen Fluoride (AHF) and will be based in Shangrao, Jiangxi Province, China. The new facility is expected to be operational by the end of this year.
This is INEOS’ first joint venture in China and will supply a stable source of raw material to its fluorochemicals plant in Mihara-city Japan. The new facility will also supply Zhejiang Xing Teng Chemical Company with raw materials for its fluorochemicals business.
“The formation of this Joint Venture company is an important development for INEOS,” said David Price, CEO, INEOS Fluor. “The new company combines the strengths and capabilities of both INEOS Fluor and Xing Teng in terms of technology, management and expertise in fluorochemicals. I am convinced that this new facility will be a great success and provide further opportunities for both companies as we grow our businesses to meet the needs of our customers.”
The JV is well located adjacent to the highway network and close to high quality acid grade fluorspar. It also has the full support of the local authorities.
“Xing Teng set itself the target to be a world class company from the very beginning of its establishment and this joint venture is an important step forward”, said Mr. Shen Rongliang, Chairman of Zhejiang Xing Teng Chemical Company. “This new plant will provide an important manufacturing base for both companies and a solid foundation for any future development down the fluorochemical chain. Meanwhile, the JV will also play an important in promoting the fluorochemical industry’s development in the region.”