- INEOS has announced its intention to acquire BP’s global Aromatics and Acetyls business for a consideration of $5 billion.
- The business consists of 15 sites across the world (5 in the Americas, 2 in Europe and 8 in Asia) as well as 10 leading joint ventures
- Aromatics provides the building blocks for the global polyester industry, key to fibres, films and packaging. Acetyls support a wide range of downstream industries in food flavouring and preservation, pharmaceuticals, paints, adhesives and packaging.
- INEOS will acquire a range of world class assets and an experienced team of people.
- The deal is a good fit with INEOS existing asset base, reintegrating the Hull site and expanding the existing INEOS footprint at Geel, Belgium.

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

INEOS, one of the world’s largest manufacturing companies, has today announced its intention to purchase the global Aromatics and Acetyls businesses of BP for a consideration of $5 billion. $4 billion will be payable upon completion with the remaining $1 billion deferred until, at the latest, June 2021.

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 Aromatics business 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. The Acetyls business with 9 sites produces acetic acid and a range of derivatives supplying a wide range of downstream industries such as food, pharmaceuticals, paints, adhesives and packaging.

Sir Jim Ratcliffe, founder and chairman of INEOS adds, “This acquisition 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.