The leading European refining and petrochemical company is close to settlement over technology to produce Acrylonitrile in plants in China, which were not licensed by INEOS. Due to this dispute, Phenol plant in China a joint venture with Sinopec was also put on hold. The company has finally agreed to move on with project. The growing demand of petrochemical in Asia and China would further add on pressure on European producers to move out for these countries as well.
