Ineos is moving to diversify away from its European roots through a series of joint ventures with companies in Asia and other emerging regions in high-growth areas of chemicals manufacturing.

The world’s fourth-biggest chemicals producer is particularly keen on deals with Chinese companies in the production of acrylonitrile, a raw material used in carbon fibre, a light yet strong substance that is becoming increasingly important in industries such as aircraft and car manufacturing. Ineos is the leader in acrylonitrile production.

The plans by Ineos, one of the UK’s biggest privately owned companies, come as the group is emerging from a difficult period in which its future was threatened by high debt and a collapse in earnings triggered by a slump in demand caused by the recession.