BP Announces New Identity for Petrochemicals Company
BP has announced that the name of its new olefins and derivatives subsidiary will be Innovene.
Innovene will be formed as a separate entity within the BP Group in April, with more than $9 billion in assets and $15 billion in third-party sales globally. The new company will be headquartered in Chicago and have more than 8,500 employees at 26 principal sites around the world.
Innovene's major manufacturing sites include Grangemouth in Scotland, Lavéra in France, Köln in Germany and Lima, Chocolate Bayou and Green Lake in the US. SECCO, the joint venture with Sinopec and SPC in Shanghai and the largest petrochemical complex in China to date, is due to become fully operational in the next few months.
Innovene will be created as a wholly owned subsidiary of BP on 1 April 2005. BP expects to sell the company later in 2005, possibly by way of an IPO, subject to necessary approvals and market conditions.
Innovene manufacturers petrochemicals, including olefins (ethylene and propylene) and their derivatives such as polyethylene, polypropylene, acrylonitrile, linear alpha olefins, polyalphaolefins, and solvents, as well as gasoline, diesel and other refined products made in the Grangemouth and Lavéra refineries. These chemicals are used to make a wide variety of plastic goods, including food and drink containers and wrappings, pipe work, automotive parts and mouldings of all kinds.
Innovene will be among the five largest petrochemical companies in the world and a Fortune 150-scale company, with global production of more than 15 million tonnes of petrochemicals a year.
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