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MOSCOW (MRC) -- Ineos has completed the
USD5-billion acquisition of BP’s 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 BP’s 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 BP’s 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. |
