Xavi Cros, CEO of INEOS Olefins & Polymers South says, “We are very pleased to announce this acquisition. These businesses and pipelines are valuable strategic assets and will further enhance the INEOS portfolio.”
INEOS has signed a deal to acquire TotalEnergies’ 50% share of Naphtachimie (720 ktpa steam cracker), Appryl (300 ktpa polypropylene business), Gexaro (270 ktpa aromatics business) and 3TC [1] (naphtha storage), which are all currently joint ventures between the two companies. A number of other infrastructure assets are also contained in the deal including part of TotalEnergies ethylene pipeline network in France.
This strategic deal will fully integrate the Naphthachimie, Gexaro and Appryl petrochemical businesses, assets and infrastructure into INEOS Olefins & Polymers South at Lavera in Southern France. Gexaro is located on the Lavera refinery site and will continue to be operated by Petroineos.
Xavi Cros, CEO of INEOS Olefins & Polymers South adds, ”This is a major step forward for the INEOS French and South European businesses. The acquisition will allow us to fully integrate these assets and enhance the competitiveness of our offer. At the same time our goal is to continue to invest in them, including CO2 reduction to meet our Net Zero 2050 commitment.”
As part of the agreement, INEOS will also acquire the southern sections of TotalEnergies’ ethylene pipeline network running from Lavéra to the Lyon region. The central and northern sections, from the Lyon region to the Lorraine region, will be held equally by both companies. Completion of the deal is subject to consultation and regulatory approval and is expected around the end of 2023.
By Ineos, Press Release
Source: ineos.com
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