INVISTA and the Shanghai Chemical Industry Park (SCIP) signed a memorandum of cooperation at a ceremony in Shanghai. In attendance were Wu Qing, vice mayor of the Shanghai Municipal Government; Chen Mingbo, deputy secretary general of the Shanghai Municipal government and director general of the Shanghai Economy Informatization Commission; Ma Jing, director general of the Shanghai Chemical Industrial Park Administration Commission; and Jeff Gentry, chairman, and CEO for INVISTA.
Engineering for a 400,000-ton adiponitrile (ADN) plant is underway at an estimated investment in excess of USD 1bn (RMB 7bn). With the support of the local authorities, we expect construction to start in 2020, and start-up is expected to begin by 2022.
“With this memorandum of cooperation and a commitment to work toward an investment agreement, we are pleased to be taking the next step toward finalizing the investment and its location,” said Jeff Gentry, INVISTA chairman, and CEO.
“Shanghai is an attractive location in part due to the benefits of integrating the new facility into our existing HMD and polymer plants at SCIP. Furthermore, the cooperation and support we’ve received from the Shanghai government and SCIP to advance this project give us confidence that we can work together to meet future milestones.”
According to the memorandum of cooperation, INVISTA will advance its internal decision-making process for the project with strong support from the Shanghai government and SCIP, including a commitment to intellectual property protections and joint efforts to execute an investment agreement.
