Cepsa officially inaugurated its Shanghai chemical plant, its first industrial plant in Asia, and part of the broader international growth and expansion plans for the Company under shareholder IPIC (International Petroleum Investment Company).
The plant will make Cepsa the world´s second largest producer of phenol and acetone with an annual capacity of 250,000 tons, and 150,000 tons respectively. Phenol is used across many industries from construction to furniture, automobiles, as well as pharmaceuticals, while acetone is used to make resins, rubbers, paints, and inks.
The new plant will allow Cepsa to tap into the world´s largest market for phenol in China, as well as open up new opportunities for the Company to expand across Asia.
Speaking at the event in China, attended by both Spanish and Chinese government officials, Cepsa Chief Executive Pedro Miró, said: “Inaugurating this plant can serve as a bridge to other opportunities in China, where Cepsa would like to commit to implementing more projects and growing our business. Cepsa sees Asia, and China in particular, as a key region in which we would like to grow our operations”.
The new plant will allow us to tap into the world´s largest market for phenol in China, as well as open up new opportunities for the Company to expand across Asia.
Construction on the plant took over just two years to complete, and forms part of Cepsa´s five-year growth plans to expand both in its petrochemical business as well as in exploration and production.