21 March 2014
Details
INEOS,
the fourth largest chemical company in the world,
has today announced that
it is taking legal action against a number of
Sinopec and Sinopec subsidiaries (SNEC, Anqing and others)
for breach of contract and/or misuse of trade secrets.
INEOS says that
Sinopec Ningbo Engineering Company
has broken a long established technology agreement
which, together with trade secret misuse by
other Sinopec companies,
has enabled development of
a series of new world scale Acrylonitrile plants
without INEOS agreement or consent.
INEOS,
which has otherwise excellent relationships
with Sinopec and with China,
has no choice other than to
protect its intellectual property.
- Jim Ratcliffe,
INEOS Chairman, says
“we want to take our best technology to China
but we need to know that it will be protected. - Acrylonitrile,
used in plastics and carbon fibre,
is one of the world’s largest petrochemicals businesses.
INEOS’s own Acrylonitrile business
is world number one and valued at $3 billion,
employing 5,000 people worldwide. - INEOS says that the prolific building of
Acrylonitrile copy plants in China will destroy its business. - Jim Ratcliffe, says
“the fundamental value of INEOS
depends upon its technology.
We have no option
but to defend our hard won intellectual property”
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