BP and ZPCC explore the creation of a world-scale acetic acid joint venture in China
03 OCT 2019
BP and China’s Zhejiang Petroleum and Chemical Corporation have signed a MoU to explore the creation of a new equally-owned joint venture to build and operate a 1 million tonne per annum acetic acid plant in eastern China.
The proposed facility, in Zhoushan, Zhejiang Province, would deploy BP’s CATIVA® XL technology to produce acetic acid, a versatile intermediate chemical used in a variety of products such as paints, adhesives and solvents. It is also used in the production of purified terephthalic acid of which BP is a leading global manufacturer.
The potential new plant, which would be an addition to ZPCC’s major integrated refining and petrochemical manufacturing complex at Zhoushan, would be BP’s largest acetic acid producing site in the world.
China is the world’s largest acetic acid market and accounts for more than half of global production capacity. BP is a long-term investor in China with a number of existing petrochemical manufacturing facilities in the country, including two existing acetic acid joint ventures.
BP’s proprietary CATIVA® XL technology requires significantly lower capital investment and offers superior operating performance when compared with other acetic acid technologies. In support of BP’s commitment to advancing a low carbon future, CATIVA® XL technology is also more energy efficient and has a high production reliability track record, which also contributes to a lower carbon footprint.