French oil giant Total said on August 31 that it has sold its Chinese polystyrene business to INEOS Styrolution.
Total said that the deal includes two plants with an annual production capacity of 200,000 tons. The two plants are located in Ningbo, Zhejiang Province, one in Foshan City, Guangdong Province.
Total believes that the competition in the polystyrene market is very fierce, and the company believes that it has failed to achieve the scale needed for development in China.
Total said that the sale deal is in line with the company's portfolio management strategy, and the company will focus on developing polystyrene operations in Europe and North America in the future.
The financial details of the transaction were not disclosed and required approval from the relevant regulatory authorities.