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Ineos completes USD5-billion acquisition of BP aromatics, acetyls businesses

January 11/2021

MOSCOW (MRC) -- Ineos has completed the USD5-billion acquisition of BPs global aromatics and acetyls businesses, consisting of 15 manufacturing sites and 10 joint ventures, reported Chemweek.

The businesses will be known as Ineos Acetyls and Ineos Aromatics, says Ineos, which first announced the acquisition in June last year. The acquisition consists of five manufacturing sites in the Americas, two in Europe and eight in Asia, as well as the 10 JV site locations, and will extend both the portfolio and the geographic reach of the business, it says.

The purchase is a logical development of our existing petrochemicals business, extending our interest in acetyls and adding a world-leading aromatics business supporting the global polyester industry, says Ineos chairman Jim Ratcliffe. The acquisition provides good scope for expansion and integration with our existing business, he says.

The acquired aromatics business is a global leader in purified terephthalic acid (PTA) and paraxylene (PX) technology, with six manufacturing sites, according to Ineos. The business supplies the global polyester business, which includes polyester fiber, film, and polyethylene terephthalate (PET) packaging. It also licenses its PTA production technology to other producers worldwide.

The acetyls business produces acetic acid and a range of derivatives from nine manufacturing sites, supplying sectors such as the food, pharmaceuticals, paints, adhesives, and packaging industries, it says.

Ineos Styrolution, the wholly owned styrenics subsidiary of Ineos, is the formal acquirer of BPs businesses. 

As MRC informed earlier, in June 2020, BP agreed to sell its global petrochemicals business to INEOS for USD5 billion as part of plans to "reinvent" BP into a more focused, integrated energy company. In 2019 BPs petrochemicals business produced 9.7 million metric tons of petchem products, according to BP. The businesses included in the transaction together employ more than 1,700 staff worldwide.

PX and PTA is used to produce polyethylene terephthalate (PET), which, in its turn, is used in the manufacturing of plastic bottles, films, packaging containers, in the textile and food industries.

According to MRC's ScanPlast report, Russia's estimated PET consumption reached 61,110 tonnes in November 2020, up by 1% year on year. Overall PET consumption in Russia reached 648,110 tonnes in the first eleven months of 2020, down by 18% year on year.

BP is one of the world's leading international oil and gas companies, providing its customers with fuel for transportation, energy for heat and light, retail services and petrochemicals products for everyday items.

Ineos Group Limited is a privately owned multinational chemicals company consisting of 15 standalone business units, headquartered in Rolle, Switzerland and with its registered office in Lyndhurst, United Kingdom. It is the fourth largest chemicals company in the world measured by revenues (after BASF, Dow Chemical and LyondellBasell) and the largest privately owned company in the United Kingdom.


mrcplast.com
Author:Margaret Volkova
Tags:Asia, Europe, North America, South America, paraxylene (PX), PET-granulate, terephthalic acid, petrochemistry, packaging, BP Plc, Ineos, Russia.
Category:General News
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