INEOS completes acquisition of BP’s global aromatics business

INEOS has completed the acquisition of BP’s global aromatics and acetyls business for $5 billion, the European major announced in a press release.

The acquisition consists of BP’s 15 sites across the globe including five sites in the Americas, two in Europe and eight in Asia as well as 10 leading joint ventures. The business will now be known as INEOS Acetyls and INEOS Aromatics.

Jim Ratcliffe, founder and chairman of INEOS said, “We are delighted to have been able to acquire these top-class businesses from BP, extending our position in global petrochemicals and providing good scope for expansion and integration with our existing business.”