(Plastemart) -- Ineos Group Holdings Plc, the world's sixth-largest chemical company, is switching its focus to establishing ventures in Asia and Middle East from disposals after reducing debt, Group Director Tom Crotty said. "Debt ratios are falling "very fast" and there is no financial need to sell a stake. We are down to around 4.5 times leverage. There's nothing serious in terms of an equity sale." The company is looking to expand its derivatives business, and disposals have been struck off the agenda.
Ineos, which owns a refinery in Grangemouth, Scotland, is still in talks with PetroChina Co. about cooperation. It is also planning to build and operate a 400,000 ton phenol plant with partner Sinopec Yangzi Petrochemical Co. Ltd. Ineos agreed to sell a fluoro-chemical unit to PVC pipe and resin maker Mexichem SA in February for US$350 mln. Ineos moved its headquarters to Switzerland to cut tax expenses. It had debt of ┬8.6 bln (US$11.9 bln) as of June 30.