Ineos agrees to buy Innovene from BP

By OGJ editors
HOUSTON, Oct. 7 -- Ineos Group Holdings Inc. has agreed to buy Innovene, a wholly owned BP PLC petrochemical and refining subsidiary formed earlier this year (OGJ Online, Mar. 22, 2005).

Closing is expected in early 2006. Innovene, Chicago, has manufacturing sites in seven countries in the US, Asia, and Europe. The company has 18 million tonnes/year of petrochemicals capacity and 412,000 b/d of crude oil refining capacity.

In April 2004, BP announced plans to separate its olefins and derivatives business, saying that it was contemplating an initial public offering of that business. In November 2004, the olefins and derivatives unit added refineries in Grangemouth, UK, and Lavéra, France.

Innovene was established in April 2005. BP said several companies expressed an interest in buying Innovene so the IPO never happened.

Ineos, based in UK, manufactures petrochemicals worldwide. It was formed by a management buyout of petrochemical assets in Antwerp, Belgium, from a predecessor of BP.

Related Articles

Phillips 66 considers splitter at Sweeny refinery

03/21/2014 Phillips 66 is evaluating the potential for the addition of a condensate splitter near its 247,000-b/d Sweeny refinery in Old Ocean, Tex., just sou...

Second small diesel refinery planned for North Dakota

03/21/2014 Quantum Energy Inc. (QEI), Tempe, Ariz., said it has secured land for the construction of a 20,000-b/d grassroots hydroskimming refinery in North D...

Flint Hills settles Port Arthur pollution case

03/20/2014 Flint Hills Resources (FHR) has reached a settlement with the US federal government to implement innovative technologies to control harmful air pol...

WoodMac: Global ethylene demand, production on the rise

03/20/2014 Ethylene-producing assets that have access to low-cost natural gas feedstocks, such as the ones in North America, will lead the competition in glob...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected