INEOS, one of the world’s largest manufacturing companies, has completed the purchase of the global Aromatics and Acetyls businesses from BP for a consideration of $5 billion.

INEOS is already one of the world’s leading petrochemical companies and this acquisition will extend both the portfolio and the geographic reach of the business. The businesses will be known as INEOS Acetyls and INEOS Aromatics.

INEOS Aromatics is a global leader in PTA (Purified Terephthalic Acid) and PX (Paraxylene) technology with 6 sites and supplies the global polyester business which includes polyester fibre, film and PET packaging.

INEOS Acetyls produces acetic acid and a range of derivatives from its 9 sites, supplying a wide range of downstream industries such as food, pharmaceuticals, paints, adhesives and packaging.

Sir Jim Ratcliffe, founder and chairman of INEOS adds, “I am very pleased that we have been able to complete the acquisition, which is a logical development of our existing petrochemicals business extending our interest in acetyls and adding a world leading aromatics business supporting the global polyester industry.

About INEOS

INEOS is a leading manufacturer of petrochemicals, specialty chemicals and oil products. It has 34 businesses, with a production network spanning 171 manufacturing facilities in 24 countries. From paints to plastics, textiles to technology, medicines to mobile phones - chemicals manufactured by INEOS enhance almost every aspect of modern life. INEOS had sales in 2018 of around $60bn and EBITDA close to €6bn. Its products make a significant contribution to saving life, improving health and enhancing standards of living for people around the world.

About BP

BP (NYSE:BP) is one of the world's largest oil and gas companies, serving millions of customers every day in more than 80 countries, and employing nearly 85,000 people. BP's business segments are oil and gas exploration & production, and refining & marketing. In alternative energies, BP has low- and no-carbon wind and biofuels businesses. Through these activities, BP provides fuel for transportation; energy for heat and light; services for motorists; and petrochemicals products for plastics, textiles and food packaging. It has strong positions in many of the world's hydrocarbons basins and strong market positions in key economies.