Sir Jim Ratcliffe’s INEOS acquires TotalEnergies petrochemical assets at Lavera
INEOS' Lavera site -INEOS group website screen capture
A press release by the INEOS group announced the acquisition of Naphtachimie, Gexaro and Appryl, which were previously 50:50 joint ventures between the group and TotalEnergies, at Lavera in Southern France.
Although the press release is dated April 1st, the important acquisition is no April fool’s joke, as it represents a major step forward for Monaco resident Sir Jim Ratcliffe’s INEOS group.
Advertising
The group has now completed the acquisition, announced last summer, of TotalEnergies’ 50% share in Naphtachimie (720 kilo tonnes per annum steam cracker), Appryl (300 ktpa polypropylene business), Gexaro (270 ktpa aromatics business) and 3TC (naphtha storage, , a 50/50 joint venture between Petroineos and TotalEnergies). These were all previously joint ventures between the two companies. A number of other infrastructure assets were part of the deal, including part of TotalEnergies’ ethylene pipeline network in France.
The INEOS group will now integrate the Naphthachimie, Gexaro and Appryl petrochemical businesses, assets and infrastructure into INEOS Olefins & Polymers South at Lavera in Southern France. Gexaro, which is located on the Lavera refinery site will continue to be operated by Petroineos.
Xavi Cros, CEO of INEOS Olefins & Polymers South said, “We are pleased that we have today completed the acquisition of TotalEnergies petrochemical assets at Lavera. This is a major step forward for the INEOS French and South European businesses. We will now fully integrate these assets and enhance the competitiveness of our offer.”