UK resin supplier Ineos (London; www.ineos.com) said that at the end of 2020 it completed the USD 5 bn (EUR 4.45 bn) acquisition of major petrochemicals assets from energy group BP (London; www.bp.com). The debt-financed deal, which calls for the transfer of production activities at 15 former BP sites in Asia, Europe and the US, gives Ineos a leading position in market segments where it until now has had no significant presence, in particular in aromatics and acetyls (see Plasteurope.com of 30.06.2020).

As part of the plan unveiled last June, Ineos will gain 1,700 employees. To hold the businesses, it has created two new subsidiaries, Ineos Aromatics and Ineos Acetyls. The aromatics unit, with six sites that according to Plasteurope.com’s Polyglobe database (www.polyglobe.net) can produce 7.5m t/y of PTA and 2m t/y of paraxylene, is expected to be a global leader in those two materials. The portfolio of the new acetyls player includes acetic acid and a range of derivatives produced at nine sites.

At the time of the announcement, BP said it was exiting the businesses to concentrate on clean energy and reduce debt. The asset transfer was one of the last major transactions overseen by then-finance chief Brian Gilvary, who retired in June 2020 after a 34-year career at BP. In December, Ineos chairman Jim Ratcliffe revealed that Gilvary has been appointed to head a newly created energy company to be called Ineos Energy. Without disclosing any details. Ratcliffe said this business would incorporate all the chemical group’s oil and gas assets and play a major role in the transition to low carbon technologies.