BP Announces New Identity for Petrochemicals Company
Monday March 21, 11:00 am ET
LONDON, March 21 /PRNewswire/ -- BP announced today that the name of its new olefins and derivatives subsidiary will be Innovene.
Innovene will be formed as a separate entity within the BP Group in April, with more than $9 billion in assets and $15 billion in third-party sales globally. The new company will be headquartered in Chicago and have more than 8,500 employees at 26 principal sites around the world.
"Innovene combines the best in our BP heritage with the focus and discipline of being independent. Our new name speaks to our aspiration to challenge ourselves and the status quo in our sector," said Ralph Alexander, CEO. "Like BP, we are a truly global company, with major operations in Asia, North America and Europe."
The choice of name for Innovene was built upon interviews and research conducted among the company's employees, customers and industry analysts worldwide.
Innovene will be among the five largest petrochemical companies in the world and a Fortune 150-scale company, with global production of more than 15 million tonnes of petrochemicals a year.
Notes to editors:
- Innovene's new company's logo can be downloaded from here.
- Innovene will be created as a wholly owned subsidiary of BP on April 1, 2005. BP expects to sell the company later in 2005, possibly by way of an IPO, subject to necessary approvals and market conditions.
- Innovene's major manufacturing sites will include Grangemouth in Scotland, Lavera in France, Koln in Germany, Lima, Chocolate Bayou and Green Lake in the US. SECCO, the joint venture with Sinopec and SPC in Shanghai and the largest petrochemical complex in China to date, is due to become fully operational in the next few months.
- Innovene manufactures petrochemicals, including olefins (ethylene and propylene) and their derivatives such as polyethylene, polypropylene, acrylonitrile, linear alpha olefins, polyalphaolefins, and solvents, as well as gasoline, diesel and other refined products made in the Grangemouth and Lavera refineries. These chemicals are used to make a wide variety of plastic goods, including food and drink containers and wrappings, pipe work, automotive parts and mouldings of all kinds.
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