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 Gutiérrez 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 が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.
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.
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.
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, Köln Germany, Lavéra France, Plaquemine Louisiana,
Freeport Texas and Hull United Kingdom.
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.
- Founded in 1995 by Mohan Bhandari, Bilcare Ltd. is listed on Bombay Stock Exchange (BSE).
- Three defined business areas - Pharma Packaging Innovations, Global Clinical Supplies and Bilcare Technologies for brand authentication and security.
Bilcare Technologies is a division of Bilcare Ltd., focused on creating next-generation solutions for anti-counterfeiting, security and brand protection across a wide array of industry sectors.- 500+employees, with 50% workforce based outside India.
- Operations spread over 4 continents with more than 500 pharma customers globally.
- Manufacturing plants and R&D centres located in Pune, Singapore, U.S. and UK.
- Revenues of USD 162 million (FY07-08).
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 £170m.
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.
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 Lavéra, 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 がIneos の製油所を買収？
INEOS Refining（元BP→Innovene） is 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 Lavéra 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 Lavéra 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 Lavéra 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, Italy’s 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 company’s 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 Sinopec’s local feedstock advantages and
INEOS’ proprietary 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
world’s 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 (Alphamethyl-styrene) |
|
| Gladbeck, Germany | 1954 Start up 8
ktpa→650 the largest single train facility |
60 | |
| 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 Arthur、TX | 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 company’s European and US plants to meet
growth in these regions. The completion of this new plant in
China will increase INEOS Phenol’s 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.
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, Köln Germany, Lavéra France, Plaquemine Louisiana,
Freeport Texas and Hull United Kingdom.