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Internal Statement
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July 22, 2008 |
During the INEOS
Phenol board meeting on Friday 18th July 2008 the proposed phenol
manufacturing investment at Zhangjiagang was reviewed.
INEOS endorsed the strategic
objective to build a world scale phenol plant based on proprietary technology
in this rapidly growing phenol and acetone market. Positive feedback was
received on the Zhangjiagang project and in particular on the front end
engineering and design work with AMEC Shanghai. This work has confirmed
the earlier assumptions and commitment to this project.
The board agreed
that INEOS Phenol now need to focus resources on securing raw material
integration with local Chinese partners. These discussions have
commenced with Chinese refinery and petrochemical companies. We
expect this process to take some months but are very hopeful on a
positive outcome.
Leen Heemskerk
CEO
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