Ineos, a multinational chemical company, will invest $1.5 billion into the construction of a chemical plant in Ningbo, East China's Zhejiang province, according to local media reports.

Headquartered in London, UK, Ineos is a global chemical company engaged in petroleum exploitation and refinement as well as petrochemical production.

The company ranks among the top three in the world in terms of the production of synthetic hydrocarbons.

Zheng Shanjie, Party secretary of the CPC Ningbo municipal committee, met Kevin McQuade, vice president of Ineos.

He made sure McQuade was aware that Ningbo has a strong industrial foundation, strategic location and strong developmental potential, not to mention its robust petrochemical industry.

He expressed hope that the two sides will give full play to their respective advantages and speed up the implementation of the project so as to yield benefits as soon as possible. He also pledged that the local government will provide comprehensive services to advance the project's construction. 

McQuade lavished heavy praise on Ningbo, touting it as a dynamic and competitive city. He insisted that Ineos group wants to work with the city and will provide strong support in the city's drive to develop a petrochemical industrial cluster with output of more than 1,000 billion yuan ($149.2 billion).