Slaughter and May and JunHe have advised the UK chemical giant INEOS on a string of deals valued at USD7 billion with Sinopec, a Chinese state-owned oil and gas enterprise.
The first agreement saw INEOS acquiring a 50% stake in Sinopec’s subsidiary Shanghai SECCO Petrochemical for RMB10.5 billion (USD1.56 billion), while Sinopec bought a 50% stake in an INEOS-owned ABS plastic venture based in the eastern city of Ningbo.
Sinopec and INEOS will add two more facilities to improve plastic productivity at ABS, which is used for making automobile parts and pipes, to meet China’s rapidly growing demand.
Separately, a high-density polyethylene plant will be built in Tianjin as these two giants have set up a new 50:50 joint venture for an undisclosed amount that aims to promote this plastic product.
Slaughter and May advised on international law. Its team included Hong Kong-based corporate partners Peter Brien, Justin Chan, financing partner Lisa Chung and anti-trust partner Natalie Yeung. The London office corporate partner, Hywel Davies, financing partner Caroline Phillips, intellectual property partners David Ives and Laura Houston were also involved in the team.
JunHe advised on PRC law and was led by partners Chen Wei and Cliff Sun. Partners Janet Hui, Gong Mingfang, Shen Nan, Lu Juyi and Zhao Jikun provided support.
