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Sinopec agrees deals with INEOS, sells stake at Shanghai plant for $1.56 billion

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Trucks carrying liquefied natural gas (LNG) are seen at Sinopec's LNG terminal in Tianjin
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SINGAPORE (Reuters) - China's Sinopec Corp announced a string of deals with UK-based chemical and energy group INEOS including the sale of a 50% stake in Shanghai SECCO Petrochemical for 10.5 billion yuan ($1.56 billion).

The Chinese oil and gas major also said it will acquire a 50% stake for $631 million in an INEOS-owned venture based in east China that produces ABS plastic used for making automotive parts and pipes.

On top of a 600,000 tonne per year ABS plant now under construction, the companies plan to add two more facilities each capable of producing of 300,000 tonnes a year, incorporating INEOS' technology, Sinopec said.

Separately, the two firms will set up a joint venture with equal equity in the northern Chinese city of Tianjin to manufacture high density polyethylene.

The new joint venture will have a registered capital of about 623 million yuan, Sinopec said.

($1 = 6.7481 Chinese yuan renminbi)

(Reporting by Chen Aizhu; Editing by Kirsten Donovan)

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