BASF and INOV agree to expand partnership

MOSCOW (MRC) — BASF and Shandong INOV Polyurethane Co. (INOV) have strengthened their existing relationship with the signing of a framework agreement to serve increasing demand from various industries in China and overseas, according to Apic-online.

Specifically, the parties will work together in the areas of raw material supply, market expansion, research and development for sustainable products, improved quality of operation and environmental protection, health and safety, BASF noted.

Under the agreement, both partners will increase production capacities of raw materials, including diphenylmethane diisocyanate (MDI), toluene diisocyanate (TDI), and polytetrahydrofuran (PolyTHF).  The deal will also strengthen cooperation to develop performance materials and construction materials.

“This is a win-win strategy, which combines BASF’s proven research capabilities with our expertise in production,” said Xu Jun, chairman and general manager of INOV.  “We are looking forward to working with BASF to produce high-quality chemical products for local and overseas customers along the value chain.”

Based in Zibo, Shandong Province, China, INOV is China’s “leading” producer of propylene oxide, downstream derivatives of ethylene oxide, and polyurethane, BASF added.

As MRC reported earlier, BASF has restarted its No. 1 steam cracker following a maintenance turnaorund. Thus, the company resumed operations at the plant on September 30, 2019. The plant was shut for maintenance in mid-August, 2019. Located at Ludwigshafen in Germany, the No. 1 cracker has an ethylene production capacity of 235,000 mt/year and a propylene production capacity of 125,000 mt/year.

BASF is the leading chemical company. It produces a wide range of chemicals, for example solvents, amines, resins, glues, electronic-grade chemicals, industrial gases, basic petrochemicals and inorganic chemicals. The most important customers for this segment are the pharmaceutical, construction, textile and automotive industries. BASF generated sales of around EUR63 billion in 2018.

April 23/2020http://www.mrcplast.com/news-news_open-369436.html