Vinyls Italy ready for restart

PVC production by Christmas, following the agreement singed with the ENI group for the supply of dichloroethane(EDC) at prices compatible with the extraordinary administration.

After a stormy week of meetings and negotiations, the ENI group and Vinyls Italia (former Ineos Vinyls Italia) reached an agreement for the supply of raw materials and utilities to the three Italian plants in Porto Marghera, Ravenna, and Porto Torres. In this manner, the company, which is currently in special administration ("Amministrazione Straordinaria") managed by the three commissaries nominated by the Italian Government, should be able produce PVC before the Christmas holidays.

The agreement with ENI, reached with the pressure applied by the Minister of Economic Development Claudio Scajola, also involves the price of dichloroethane for supply to the other plants, which must be compatible with Vinyls'
accounts. The three commissaries cannot return to production at a loss and the difficult conditions of the current PVC market do nothing to aid in avoiding this risk.

The world on the street is that the agreement calls for the supply of 13,000 tons per month of dichloroethane for a period of three months.

Italy: Former Ineos plants could restart next month

The Vinyls Italia plants at Porto Marghera, PortoTorres and Ravenna idled since June may be on stream again by 15 December. After several days of heated negotiations and walk-outs by workers, Italian energy giant Eni and its subsidiaries Polimeri Europe and Syndial are said to have promised to supply 13,000 t per month of ethylene dichloride (EDC) at a favourable price to the three production units with total capacity of 385,000 t/y, as well as providing utilities.

Solvay and Arkema meanwhile have been added to the list of mooted bidders for the former Ineos plants.


INEOS Group agree sale of INEOS Fluor to Mexichem Fluor S.A.

INEOS Group to sell fluorochemicals business to Mexichem Fluor S.A. de C.V., a subsidiary of Mexichem S.A. de C.V.
The agreement will bring together the world's largest fluorspar supplier and HF producer with a leading worldwide fluorochemicals company.
"The agreement presents a unique opportunity to bring together the world's largest supplier of fluorspar, with our own world leading fluorochemical production assets, customer base and research capabilities,"
said David Price, CEO INEOS Fluor.

INEOS Fluor:INEOSのICIのフッ素化学品事業の買収に伴い2001年1月設立 .

INEOS Group has agreed terms for the sale of its fluorochemicals business to Mexichem, a leading Latin American producer of PVC pipes and resin, chloralkali, hydrofluoric acid and fluorspar.

The deal comprises the international business and assets related to
INEOS' fluorochemical operations located in North America, Europe, and Asia. It is expected that on completion of the transaction, the business will become an integrated, global producer of speciality fluorochemicals with worldwide presence and annual sales revenue of over US$500 million.

David Price, CEO INEOS Fluor warmly welcomed the news. "The agreement presents a unique opportunity to bring together the world's largest supplier of fluorspar, with our own world leading fluorochemical production assets, customer base and research capabilities. The investment by Mexichem shows real commitment and confidence in the future of fluorochemicals, as a strategic business."

Elaborating on the reasons behind the sale, Price adds: "Whilst performing well, the fluorochemicals business
no longer fits within the INEOS Group portfolio as it focuses its attention on its large-scale petrochemicals businesses."

INEOS Fluor is a world leading specialities business built on expertise and innovation in fluorine chemistry. The company supplies fluorine-based products, technology and services across a number of major industries from pharmaceuticals to automotive, refrigeration and air-conditioning. The company employs around 350 people across sites in the Europe, North America and Asia.

Ricardo Guti
érrez Muñoz, CEO, Mexichem said, "This agreement is a major step forward in the development and growth of Mexichem. Acquiring INEOS' Fluorochemicals business reflects our ongoing strategy to add value to our main raw materials through vertical integration in more added value products, expanding our product range and extending the global reach of our fluorine products business."

He adds, "The strategic fit of this business within Mexichem presents a unique opportunity to enhance our business, our position in the fluorochemicals market and the service that we can offer our customers."

The sale is expected to be completed at the end of March, subject to necessary regulatory filings and approvals, including bank consent and approvals under applicable antitrust laws and regulations.

Mexichem (www.mexichem.com) was established in 1958. It is currently a leading Latin American chemical producer with interests in 29 countries employing around 10,000 employees worldwide. The company, which is traded on the Mexican Stock Exchange, has an estimated turnover of $2.3bn, as published in its 4th Quarter 2009 guidance note. In 2004, Mexichem acquired Química Flúor and integrated its operation with that of Minera Las Cuevas, the largest worldwide producer of fluorite, making it the largest vertically integrated producer of hydrofluoric acid フッ化水素酸 in the world. Mexichem is also the largest Latin American producer of PVC Pipes, vinyl resins and compounds.

Compania Minera Las Cuevas S.A. de C.V.は、半導体産業向け等のフッ化物主原料や、製鉄産業向けの鉄鋼副原料としての"蛍石" (Fluorspar)の、(単独企業としては)世界最大の埋蔵量を誇る。


INEOS considers change of tax residence to Switzerland

INEOS Capital has today confirmed that is considering the move of its headquarters and tax residence from the UK to Switzerland. The company is seeking the consent of its lenders to enable it to implement changes that would facilitate an eventual move to Switzerland, pending the outcome of an internal review currently underway.

The company's day-to-day operations both in the UK and elsewhere around the world would remain unaffected should the company proceed with this change.

INEOS has weathered the current recession well. It has stabilised its business, is trading in line with its business plan and its financial performance is expected to improve further over the longer term. The company has estimated that the improvement in financial performance,
coupled with current and expected changes in UK tax legislation, will result in significant levels of additional tax being payable by its businesses; money that would otherwise help secure competitiveness and re-investment across its production facilities.

INEOS estimates potential cash tax savings of around
450m pound between now and 2014, should it proceed with the move to Switzerland. This saving would further support investment in skills, plant and technology, considered by the company to be critical to driving future growth and competitive advantage.

Irrespective of this change INEOS remains committed to its UK operations. It continues investment in the UK as one the countries largest manufacturing companies, employing 3,700 permanent staff and 1000 contractors across eight UK sites; supporting tens of thousands of indirect jobs.

Commenting on the move, Tom Crotty CEO of INEOS said today: "We have to make a decision that is right for INEOS, our businesses and our sites, to ensure we remain competitive long-term in a global marketplace. Many leading chemical companies have European or global operations resident in Switzerland and we need to compete effectively with them.

"We remain committed to the UK and our facilities will continue to play an essential part in the long-term growth of INEOS. Investment in people skills, plant and technology is an important element of our ongoing competitiveness and the change of tax residence would allow us to increase investment to the benefit of all stakeholders in our business."

INEOS is an international business employing 15,500 people, across 64 plants in 14 countries. It generates 70% of its revenue outside the UK.


Conservative shadow Secretary of State for Business, Enterprise and Regulatory Reform Ken Clarke noted the "queue of companies" intending to quit the UK that were citing high levels of tax as a reason.

A spokeswoman for the UK government's Department of Business, Innovation and Skills says that they understand the move will only affect around 20 jobs, and that the UK has the lowest corporate tax rate in the G7. She says that business minister Pat McFadden said in parliament today he regrets Ineos' decision.

Tom Crotty, the chief executive, told the Financial Times that a move to Switzerland will allow Ineos to "compete effectively" with other leading chemical groups, many of whom are resident in countries with a lower corporate tax rate than the UK.

Mar. 8, 2010 (China Knowledge)

CNPC in talks with Ineos for refinery assets in Grangemouth      PetroChina

China National Petroleum Corp, the country's largest integrated oil and gas group, is negotiating with British chemical giant Ineos to purchase part or entire equity interest in a refinery at Grangemouth, Scotland.

The refining facility, which Ineos purchased from British Petroleum in 2005, is the only refinery in Scotland and is currently capable of refining 200,000 barrels of crude oil per day. 

Reportedly, CNPC also obtains support from the local government about the purchase. 

Angus MacDonald, a member of the local committee of Scottish National Party, said that the government always extends warm welcome to foreign investors.

Yu Baocai, vice general manager of CNPC, predicted that China's crude oil output will swell between 1% and 2% this year.

2009/6/24 PetroChina Ineos の製油所を買収?

The Sunday Times April 4, 2010

Ineos risks revolt over £6bn debt

Ineos, Britain's largest private company, is facing a showdown with its lenders this week over attempts to restructure its
£6 billion debt.

An aggressive refinancing plan proposed by the giant chemicals group has angered a number of its funders, which include leading banks, investment firms and hedge funds.

Some are furious that the company is attempting to soften the terms of its borrowings less than a year after a previous balance-sheet reorganisation.

An informal alliance is now threatening to block the restructuring proposals. The crucial vote is on Friday.

Jim Ratcliffe, a chemical engineer turned financier, built Ineos through a series of acquisitions and combined them into a global giant with a
£30 billion turnover.

Recession hit the group hard. Sales plummeted and the company's debts became unmanageable. Last June, Ineos was forced into a costly restructuring deal after struggling to meet the interest payments on its debts.

The company is now proposing to
raise Euro 1billion (£890m) through a bond issue and has asked its banks to agree to changes to its lending arrangements to make the bond more attractive to investors.

"The bond will place Ineos in a stronger position as trading continues to improve and is the next step in the company's ongoing plan to improve liquidity and reduce risk,"
the company said.

Ratcliffe has also been courting interest from
Middle Eastern sovereign wealth funds to persuade them to buy a minority stake in the business.

The rebel lenders include ING Investment Management and Harbourmaster Capital Management. The most contentious aspect of the restructuring plan is a request to scrap
a commitment to repay £600m of senior debt by July 2011 through asset disposals.

The company argues that because asset prices are still depressed it would be a forced seller, and would not attract a high price for the businesses.

However, some lenders believe that the market has improved since last summer. They want to see a chunk of the existing debt repaid rather than replaced with new debt.

Another controversial element of the restructuring plan is that the company will have to
pay more than £60m to advisers just to arrange the bond issue.

The proposals require the approval of 90% of the senior lenders, but that looks unlikely. Capital Structure, the debt information provider, said the dissenting group holds more than 25% of the senior debt.

April 09, 2010(Bloomberg)

Ineos Fails to Get Lender Consent on Debt Refinancing

Ineos Group Ltd., the world's third- largest chemicals company, failed to get the approval of its senior lenders to borrow 1 billion euros ($1.3 billion) under more lenient conditions, two people familiar with the situation said.

The deadline for Ineos to obtain the consent of 90 percent of its senior creditors was today, said the people, who declined to be identified because the talks are private. The Lyndhurst, England-based company will now extend the deadline to agree to the refinancing plan to April 16, the people said.

Ineos received a letter from holders of 18.3 percent of its senior loans "voicing their opposition to the proposal," said Hazel Stevenson, an external spokeswoman for the company in London. She declined to comment on the deadline for the refinancing.

The company is now revising the restructuring proposal, according to the people. Ineos said April 6 that it had already received the consent it needed from holders of 50 percent of its bonds.

The Sunday Times
 March 14, 2010

Ineos seeks cash injection from the Gulf

INEOS, Britain's largest private company, is in talks with
Middle Eastern and Chinese investors that could lead to a partial sale of the debt-laden business.

The company is struggling with
£6.4 billion borrowings which the founder, Jim Ratcliffe, built up buying assets from the likes of BP and ICI. In 12 years he has turned the Hampshire-based firm into a global chemicals giant with $47 billion (£31 billion) annual sales and 15,000 staff.

The recession has hit it hard, however, and Ratcliffe is thought to be
looking for investors to inject cash. It is understood that Ineos has recently held exploratory talks with Sabic, Saudi Arabia's state-controlled chemicals firm, and also Kuwait's Petrochemical Industries Company.

Tom Crotty, chief executive of Ineos, declined to disclose the suitors'
identity but confirmed that the company had entered "preliminary" discussions. "We are in talks with several parties that may lead to us bringing someone in, either as an equity partner in the group or on certain assets," he said.

Negotiations with other potential partners stalled because of the gulf between the company's valuation expectations and what most firms would be willing to pay for a slice of the beleaguered group.

Last summer it struck a refinancing deal with lenders that lifted its annual interest bill from
£534m to £666m. That was seen as a temporary solution.

A number of predators are circling. Horizon, the investment vehicle set up by Hugh Osmond, has been examining the potential for a deal. He considered a proposal that would have repaid part of the outstanding senior debt and injected new equity into Ineos, but the discussions are believed to have broken off.

Another proposal discussed with the Middle East players would see the company hive off its petrochemical commodities businesses, which make ingredients for products such as plastics. They could then put cash into the operation and gain a European entry point for the cheap feedstocks they produce.

Crotty said that negotiations were continuing with
PetroChina, the state-owned company that offered to take a stake in Ineos's Grangemouth refinery last year. "We are looking at opportunities for value creation and a partner that may bring something new and different to the business," he said.

April 28, 2010 (Bloomberg)

Ineos to Sell Euro, Dollar Bonds to Refinance Loans

Ineos Group Holdings Plc, the world's third-largest chemicals company, said it's raising 700 million euros ($923 million) from high-yield bonds to refinance some of its senior debt.     The five-year senior-secured notes will be issued in euros and dollars though finance unit Ineos Finance Plc, the Lyndhurst, England-based company said in a statement today. The securities will rank the same as the company's first-lien bank debt, said a banker involved in the sale, who declined to be identified because terms aren't set.

Ineos, with 7.1 billion euros of net debt, won approval this month from its lenders for a plan to borrow 1 billion euros in new loans and bonds with less restrictive conditions and longer maturities. The company said yesterday that first-quarter sales rose 47 percent to 5.6 billion euros from the year-earlier period as demand for refining products improved.

Ineos will start meeting with bond investors in the U.S. tomorrow and in Europe starting May 3, the banker said. Barclays Capital, JPMorgan Chase & Co., Citigroup Inc. and Morgan Stanley are managing the sale of the notes, which give Ineos the right to repay the debt after three years.

The new notes are expected to be rated B2 by Moody's Investors Service, five levels below investment grade, the banker said. High-yield debt is graded below Baa3 by Moody's and BBB- by Standard & Poor's.

2010/7/27 Ineos

INEOS Oxide confirms its plans to build and operate a new one million tonne, deep-sea Ethylene Terminal, to be constructed at its Zwijndrecht Facility.

INEOS Oxide has today confirmed its plans to build and operate a new one million tonne per annum Ethylene Terminal, to be constructed at its Zwijndrecht facilities in Belgium. Operation of the new deep-sea terminal, which is expected to start in 2012, will significantly change the shape of the ethylene market in Europe.

Once completed, the new INEOS Terminal will be connected directly to INEOS'
ethylene consuming facilities in the Antwerp Rotterdam Area and into Europe via the ARG ethylene pipeline (formerly Aethylen-Rohrleitungs-Gesellschaft pipeline) linking Antwerp to Cologne and the Ruhr industrial areas.

"The INEOS Group is the largest consumer of ethylene in Europe and I am pleased to confirm this significant investment at our Antwerp facility,"
said Hans Casier CEO INEOS Oxide. "The new terminal secures the competitiveness of our site and underlines the importance of our production facilities in Antwerp, located at the heart of the largest Petrochemical area of Europe.

"Additionally by connecting INEOS Olefins & Polymers Europe and the INEOS Oligomers LAO/PAO facility in Belgium to the new terminal, INEOS will be able to efficiently balance its ethylene requirements over its facilities in Europe.

"It is also clear the new INEOS Ethylene Terminal will re-shape the ethylene market in Europe, opening up a new gateway to world markets", he concluded.

INEOS Oxide, part of the INEOS Group of Companies, is a leading producer of Ethylene Oxide and Ethylene Oxide Derivatives, Propylene Oxide and Propylene Oxide Derivatives, plus a range of solvents and speciality chemicals, with production facilities in Antwerp Belgium, K
öln Germany, Lavéra France, Plaquemine Louisiana, Freeport Texas and Hull United Kingdom.

2010/8/2 Ineos

Bilcare AG to acquire INEOS' Global Films business for Euro100 million.

INEOS Group has today entered into a binding agreement for the sale of its Global Films business to
Bilcare AG, one of the world's leading providers of research led packaging to the global pharmaceuticals industry, for approximately Euro100 million. The agreement brings together complimentary capabilities and synergy's of two leading global businesses.

INEOS Films is a leader in the Pharma, Specialties, Cards and Packaging Films business; Bilcare is the foremost solution provider of innovative packaging to the global pharmaceuticals for their brand safety and growth.

The deal comprises the business, assets and personnel related to INEOS'
Films operations located in North America, Europe, and Asia.

Iain Hogan, CEO INEOS Films, warmly welcomed the announcement. "I am very excited by the potential created by the combination of these two companies. Bringing together Bilcare's research and development focus with our own broad production and application knowledge provides a very strong strategic fit.

"Whilst performing well, the INEOS Films business is no longer core to the INEOS Group as the company focuses its attention on its large-scale petrochemicals businesses. This agreement with Bilcare will put INEOS Films assets and people at the centre of a new business with the innovation and drive necessary for it to grow and further develop, which is good for the business and its customers globally."

INEOS Films is a leading global producer of high quality polymer films built on expertise and innovation. The company plays a major role in the world of pharmaceutical blister packaging, films for printing and decoration, shrink film for sleeves, capsules and plastic credit cards. The company employs around 1300 people across manufacturing sites in Germany, Italy, India and North America and has a turnover of around Euro240 million.

Mohan Bhandari, Chairman, Bilcare Limited said, "This acquisition is a paradigm shift in the pharma packaging space & a significant step towards creating a customer centric company to deliver path breaking innovations and establish global leadership".

The newly appointed Executive Chairman of Bilcare AG, Dr. Heinz Gaertner said, "This transaction presents a unique opportunity and enhances our offer to apply our innovation led approach to a broad range of industries, currently served by INEOS Films, particularly in Europe and USA."

The transaction inter alia, is proposed to be effected through a merger process in Germany, in relation to the German company and its subsidiaries. The transaction is expected to be completed at the end of August, subject to necessary regulatory filings and approvals, including German Court and approvals under applicable antitrust laws and regulations.

Bilcare Research is an innovation-led solutions provider that partners with the global pharmaceutical and healthcare industry to improve patient healthcare outcomes. We endeavour to deliver effective and affordable solutions that enhance the speed and quality of drug discovery and help build and protect brands by ensuring the delivery of genuine medicines to patients.

05 December 2010

Grangemouth sale talks to continue as Chinese close in

Talks between Grangemouth refinery owner Ineos and Chinese giant PetroChina are expected to continue this week amid claims that an agreement on a sale was signed last month.
The two parties have been negotiating a possible deal for at least a year as Ineos considers options for the facility which needs considerable investment. Ineos secured a
£7.6 million grant from the Scottish Government last year to upgrade the refinery and petrochemicals complex as part of a £110m investment.

But it was hit with industrial relations problems over the closing of its pension scheme. The dispute cost the company a reported

It is unclear whether the talks are focused on an outright sale to PetroChina - part of the China National Petroleum Corporation which is the second biggest refinery business in the world. Other options are believed to include selling the refining business while Ineos holds on to the petro-chemical division. The plant employs 1,400, refining 20,000 barrels of oil a day.

The prospect of owning a refinery will appeal to energy-hungry China which needs extra capacity to meet the demands of its fast-accelerating economy. PetroChina has already acquired oil and refining businesses in Argentina, Canada, Japan and Singapore.

The Grangemouth plant opened under the ownership of Scottish Oils in 1924 to process crude from the Middle East and since the 1970s from the North Sea.

Ineos is the UK's largest privately-owned company and the world's third largest chemical company with a turnover of around
£30 billion a year, operating 64 manufacturing facilities in 14 countries. But it amassed a £6bn debt through its acquisition strategy.

The company was founded by billionaire businessman Jim Ratcliffe in 1998 and acquired Grangemouth through the
£5bn purchase of the Innovene petrochemicals operation from BP in 2005.

Ratcliffe told the CBI conference in October that the company's interest rate trebled and amortisation rate doubled during the recession.

Grangemouth's future has been the subject of speculation for some time. In March the company said it was in talks with several parties and has declined to comment on the speculation surrounding the talks with PetroChina. In April Ineos relocated its corporate headquarters from Britain to Switzerland to slice
£100m off its tax bill.

Grangemouth is one of nine refineries in Britain and the second oldest. It supplies petrol and diesel to Scotland, Northern Ireland and the north of England.

January 10, 2011 

PetroChina and INEOS announce plans for new trading and refining JV in Europe

PetroChina, through its wholly-owned subsidiary PetroChina International Company Limited, has entered into a framework agreement with INEOS to form a partnership in new trading and refining joint ventures related to the refining operations in Grangemouth (Scotland) and Lavéra (France).

INEOS and China National Petroleum Corporation (CNPC) also announce new
strategic co-operation agreement to share refining and petrochemical technology.

The signing of both agreements to be witnessed by Nick Clegg, the British Deputy Prime Minister and Li Ke Qiang, the Chinese Vice Premier. Both say it represents evidence of a strengthening of ties between UK and China.

Calum MacLean, INEOS Refining CEO, says: "These agreements will help secure the long term future of jobs and skills at Grangemouth and Lav
éra, in partnership with one of the world's largest energy companies."

Si Bingjun, General Manager of PetroChina International London, says: "The proposal is consistent with our strategy of building a broader business platform in Europe and of becoming a leading international energy company."

2009/6/24 PetroChina Ineos の製油所を買収?

INEOS Refining(元BPInnoveneis Europe's leading independent crude oil refiner. With two particularly advantaged refineries we process more than 420,000 barrels of crude oil per day, to produce in the region of 20 million Tonnes of fuels per annum. Our refineries are strategically located at Grangemouth Scotland and Lavera France and are both fully integrated with co-sited petrochemical assets of the Company.  Close proximity to feedstocks and our customers are key elements of our strength.


PetroChina Company Limited (PetroChina) and INEOS Group Holdings plc (INEOS) announce that on 10 January 2011, PetroChina International Company Limited, a wholly-owned subsidiary of PetroChina, has entered into a framework agreement with INEOS European Holdings Limited and INEOS Investments International Limited, each a wholly-owned subsidiary of INEOS.

The Framework Agreement sets out the main principles pursuant to which the parties will work towards forming joint ventures related to trading and refining activities at the Grangemouth refinery in Scotland and the Lav
éra refinery in France.

All companies will work towards the formation of the proposed joint ventures by the end of June 2011.

INEOS and PetroChina's ultimate parent company, China National Petroleum Corporation ("CNPC"), are today also signing a strategic co-operation agreement to share refining and petrochemical technology and expertise between their respective businesses.

The signing of these agreements is to be witnessed by Nick Clegg, the British Deputy Prime Minister, and Li Ke Qiang, the Chinese Vice Premier.

The deals will create
a true strategic partnership between the two companies. They will improve the long-term sustainability of the INEOS refineries, enhance security of supply for customers and secure jobs and skills in both the UK and France.

"These deals are the start of a long-term relationship between INEOS and PetroChina, creating a partnership between one of the world's largest petrochemical companies and one of the world's largest energy companies." says Calum MacLean CEO, INEOS Refining. "They present a clear opportunity for INEOS to progress its aim of forming strategic partnerships to help grow and strengthen its business. The agreements will provide further investment in our refineries, securing their competitiveness in European markets, and will secure jobs and skills in the UK and France."

If the deals are completed successfully, they will be of great importance for PetroChina's global allocation of resources and market portfolio, exploring the
high-end European market, as well as establishing PetroChina's European oil and gas operation centre.

"The framework agreement to work towards forming trading and refining related joint ventures with INEOS is consistent with PetroChina's strategy of building a broader business platform in Europe and of becoming a leading international energy company," said Si Bingjun, General Manager of PetroChina International London.

The Grangemouth refinery is located on the Firth of Forth with direct access to crude oil and gas from the North Sea. The Grangemouth refinery processes around
210,000 barrels of crude oil per day and provides fuel to Scotland, Northern England and Northern Ireland.

The Lav
éra refinery processes 210,000 barrels of crude oil per day. It is located on the coast of the Mediterranean crude oil trading basin, next to the port of Marseille and adjacent to a crude oil terminal. The refinery supplies fuel by pipelines into France, Switzerland and Southern Germany.

Both sites are integrated into INEOS's downstream petrochemical production and remain strategic to its long-term business.

Subsequent to the signing of the framework agreement, which defines the principles under which INEOS and PetroChina International will work towards forming the joint ventures, related to refining and trading, there will be a period of consultation prior to signing a binding agreement, subject to the approval of related regulatory bodies.

Note to editors

INEOS (http://www.ineos.com) is the world's third largest chemicals group and a leading manufacturer of petrochemicals, speciality chemicals and oil products. As of the end of 2010 it operates 15 businesses and with a production network spanning 61 manufacturing facilities in 13 countries, the group produces more than 40 million tonnes of petrochemicals and 20 million tonnes per annum of crude oil refined products (fuels) each year. INEOS employs 15,000 people and annual sales of around $40bn.

INEOS Refining (http://ineosrefining.com) is Europe's leading independent crude oil refiner. With two particularly advantaged refineries, it processes more than 420,000 barrels of crude oil per day, to produce in the region of 20 million tonnes of fuels per annum. Our refineries are strategically located at Grangemouth Scotland and Lav
éra France and are both fully integrated with co-sited petrochemical assets of the Company. Close proximity to feedstocks and our customers are key elements of our strength. INEOS Refining employs around 1000 people and has a turnover of around $15bn.

PetroChina Company Limited (http://www.petrochina.com.cn) is the largest oil and gas producer and distributor, in China. It is one of the largest companies in China by revenue, and one of the largest oil companies in the world. PetroChina was established as a joint stock company with limited liabilities by China National Petroleum Corporation on November 5th, 1999. With its headquarters in Beijing, PetroChina is China's biggest oil producer and as of September 2010 is the world's largest company by market value. Traded in Hong Kong and New York, the mainland enterprise announced its plans to issue stock in Shanghai in November 2007 and following its debut on the Shanghai index its market value has tripled, making PetroChina the first company to reach a trillion dollar market capitalization. The company employs around 540,000 people and has a turnover of around $157billion.

Jan 10, 2011 (Reuters)

* Deal involves Scotland's Grangemouth, France's Lavera
* Each refinery has capacity of about 210,000 bpd
* PetroChina's 3rd refinery deal after Singapore, Japan

2009/5/28 ペトロチャイナ、シンガポール石油株 45.51%を買収

2010/8/31 JX日鉱日石エネルギー、PetroChinaとの石油精製合弁会社設立



Swiss-based fund signs MOU to take over former Ineos arm in Italy / PVC output to resume in Q1?

The new year started on a more positive note for the PVC activities trading as Vinyls Italia (Porto Marghera / Italy). Just before 2010 ended, Italys new minister for economic development, Paolo Romani, announced that the Swiss-based Gita fund had signed a memorandum of understanding on a takeover of the former Ineos subsidiary. The fund, believed to have Russian participation, has tentatively agreed to buy all assets of the company.

Italian reports say the deal could be finalised in February, and production could resume in March or April. However, significant investment in the facilities at Porto Marghera, Porto Torres and Ravenna, which have been off-stream for more than two years, is believed necessary because of the long standstill and modernisation issues. Also, as in the failed transactions of the past, the success of the latest takeover attempt hinges on chlorine supply, which is in the hands of Eni and its subsidiary Syndial. The Swiss fund is reported to be interested in acquiring the feedstock units.

Italian officials hope that a successful restart of the three PVC plants could help breathe new life into the country
s practically moribund heavy industry. In December, Romani pointed to 92 companies operating under special administration, which offers protection from creditors. The vitality of the Porto Marghera industrial zone is doubted by many in Italy. However, the economic development minister said he sees positive signs for Vinyls. The companys workforce and the trade unions, which have been fighting to keep the company afloat, are hopeful but also sceptical after the turmoil of the past two years.

Polyvinyl chloride (PVC) production is likely to restart in Italy in March after a nearly two-year break as a Russian-Swiss fund presents a final offer for Italian producer Vinyls Italia, as per Platts. Production at Italian facilities at Porto Marghera (200,000 tpa), Porto Torres (65,000 tpa) and Ravenna (205,000 tpa) will be restarted next month with a view to resume production in March. The three facilities, Italy's only PVC production sites, were closed in May 2009 as Vinyls Italia went into receivership.
The Italian Economic Development Ministry, which is handling the sale, entered into a second round of talks with the Swiss-based fund Gita after deciding that its October bid for the business was more suitable than competing bids from Croatian petrochemical producer Dioki and Italian polyolefins distributor Industrie Generali. According to Il Sole, Gita, having held exclusive negotiations with all related parties, will present a final bid for the purchase of the Vinyls Italia assets on February 15 and the agreement will be closed by March 10. In the meantime, the parties, which include Italian oil major Eni will discuss details of asset transfers and human resources.

January 27 2011

INEOS and Sinopec sign Memorandum of Understanding on a joint venture to build a 400,000 tonne Phenol plant in Nanjing, China.

INEOS Phenol and Sinopec Yangzi Petrochemical Company have signed a Memorandum of Understanding (MOU), agreeing the framework for the design and future operation of a
phenol/acetone joint venture at the Nanjing Chemical Industrial park in Jiangsu Province, China.

The agreement is an important step as the two companies begin detailed discussions on the formation of the Joint Venture in Nanjing. The Memorandum was preceded by a Letter of Intent signed in December 2009 and follows a detailed evaluation of the investment.

2010/1/7  INEOSとシノペック、南京にフェノールJV設立を検討

The partnership will benefit from Sinopecs local feedstock advantages and INEOSproprietary phenol technology.
The annual capacity of the new facility will be
400,000 tonnes of phenol and 250,000 tonnes of acetone making it the largest plant of its kind in China. The facility will also include 550,000 tonnes/year of cumene capacity. The location of the plant in Nanjing places it at the centre of China's strongest market for both phenol and acetone. It is currently expected that the project will be completed by the end of 2013.

Tony Traynor, CEO of INEOS Phenol states,
Signing the MOU is an essential step as we work towards establishing a Joint Venture and marks a major milestone in our relationship with Sinopec YPC. This joint venture will allow INEOS to bring its proprietary phenol technology to China and teaming with a strong, local partner like Sinopec YPC will bring considerable value to our business and our customers.

INEOS Phenol is the worlds leading manufacturer of phenol and acetone with sites in Germany, Belgium, and USA (Alabama). China is the world's fastest growing market for phenol and acetone and Sinopec is China's leading producer of phenol and acetone with three production sites in Shanghai, Beijing, and Tianjin.

INEOS Phenol, (
http://www.ineosphenol.com) currently has a nameplate capacity of 1870 ktpa of phenol and 1150 ktpa of acetone a year. It has a turnover of around ?2.7 billion and employs 600 people worldwide. The company is the world's largest producer of Phenol and Acetone and the only manufacturer with production facilities both in Europe and America.

1952 Founding of PHENOLCHEMIE in Gladbeck
  by Bergwerksgesellschaft Hibernia AG, Scholven Chemie AG (both merged to VEBA Chemie AG in 1961),
  Rütgerswerke AG and Bakelite GmbH (in 1954 replaced by Harpener Bergbau AG)
1979 VEBA Chemie AG transferred its 50% share to Hüls AG
1994 Full Acquisition by Hüls AG
1998 Merger of Degussa AG and Hüls AG resulting in Degussa-Hüls AG

2001 INEOS acquires PHENOLCHEMIE and forms INEOS Phenol

  Phenol Cumene AMS
Gladbeck, Germany 1954 Start up 8 ktpa650
the largest single train facility
Marl, Germany      
Antwerp, Belgium 1993 Start-up 200 ktpa 680
the largest phenol and acetone plant in the world
Mobile, Alabama 2000 Start up 400 ktpa 540    
Port ArthurTX   2005 Acquisition from Chevron Phillips 500  
Marl , Germany   2005 Acquisition from BP 250  
Total 1870 ktpa with Acetone 1150 ktpa 750 ktpa 60 ktpa

It is expected that the production from a JV facility with Sinopec YPC will serve the growing market for phenol and acetone in China and will free capacity at the companys European and US plants to meet growth in these regions. The completion of this new plant in China will increase INEOS Phenols overall annual capacity to over 2.3 million tonnes of phenol and 1.4 million tonnes of acetone.

Phenol and Acetone are used in the production of polycarbonate, plastics, phenolic resins, synthetic fibres (such as nylon) and solvents. These products are used in a diverse range of endmarkets, including the automotive, construction, electronics and fibre industries.

INEOS (http://www.ineos.com) is one of the world
s leading chemicals companies; a global manufacturer of petrochemicals, specialty chemicals and oil products. Comprising 15 businesses, with a production network spanning 60 manufacturing facilities in 13 countries, the company produces more than 40 million tonnes of petrochemicals, 20 million tons per annum of crude oil refined products (fuels). INEOS employs 15,000 people and has sales of around $40bn.

March 25 2011

INEOS Oxide expansion of Ethylene Oxide and Ethylene Oxide Derivatives in US

INEOS Oxide has today confirmed that it is considering plans to expand its Ethylene Oxide (EO) and Ethylene Oxide Derivatives (EOD) capacity as part of its strategy to grow its global business over the next few years.

As part of its growth strategy INEOS
Oxide business is considering an investment in the US Gulf which would incorporate EO, Glycol and EOD's, building on its existing presence and experience in this market.

The timing is right for us to consider our options of an investment in EO and EOD,said Hans Casier CEO INEOS Oxide. The US is an obvious location for INEOS Oxide to consider its next expansion. It is a market we know well, where INEOS Group already has a well placed manufacturing presence, that is capable of taking full advantage of competitively priced feedstocks.

"It is early days yet but should we proceed it is expected that any unit would be at least 500kt of EO with appropriately sized Glycol and derivative units. We are considering all options that will build on our experience as the leading EO/EOD manufacturer in Europe to grow our company and serve our customers globally over the coming years."

Various sites are currently under consideration in the Gulf Coast area as part of the company's growth strategy. Other locations globally are also being considered and confirmation of the location of the first investment is expected later this year.

INEOS has also confirmed that the construction of its new one million tonne per annum Ethylene Terminal, at its Zwijndrecht facilities in Belgium is progressing well. Operation of the new deep-sea terminal, announced in July 2010, is expected to start in 2012, as planned.

INEOS Oxide, part of the INEOS Group of Companies, is a leading producer of Ethylene Oxide and Ethylene Oxide Derivatives, Propylene Oxide and Propylene Oxide Derivatives, plus a range of solvents and speciality chemicals, with production facilities in Antwerp Belgium, K
öln Germany, Lavéra France, Plaquemine Louisiana, Freeport Texas and Hull United Kingdom.