INEOS has agreed to buy more of BP’s unwanted businesses. This time, the company has gone after BP’s global aromatics and acetyls businesses which consist of 15 sites across the world and 10 leading joint ventures.
INEOS Founder Sir Jim Ratcliffe said the $5 billion deal was a good fit with INEOS’ existing assets. The deal will reintegrate the Hull site and expand the existing INEOS footprint at Geel, Belgium. “It is a logical development of our existing petrochemicals business,” he said.
The Geel BP site is Europe's most important producer of purified terephthalic acid. PTA, as it is known, is used to make PET soft drinking bottles, textiles, film, polyester clothing and food packaging, such as boil-in-the-bag pouches for rice. It also brings with it Infinia™ advanced recycling technology for PET.
BP’s aromatics business is currently a global leader in purified terephthalic acid and paraxylene technology with six sites. Its acetyls business, with nine sites, produces acetic acid and derivatives for the food, pharmaceuticals, paints, adhesives and packaging industries.
- Food and drink containers and packaging
- Fibres for clothing and home furnishings
- Industrial and high performance fibres
- PET soft drinking bottles
- Electrical insulation