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.