INEOS Acquires LyondellBasell's Ethylene Oxide Business

INEOS announced an agreement with LyondellBasell to acquire the Ethylene Oxide and Derivatives business, including the Bayport Underwood facility in Texas. The total USD 700 million acquisition includes a 420 kt Ethylene Oxide facility, a 375 kt Ethylene Glycol facility and a 165 kt Glycol Ether facility, along with all related third-party operations at the site. The first facility acquired by INEOS in 1998 was the Ethylene Oxide facility in Zwijndrecht, Belgium. This facility, where ethylene oxide—an important raw material—is produced, formed the foundation as INEOS expanded its chemicals business. INEOS Oxide Chief Executive Officer Tobias Hannemann said: "We are pleased to announce this strategic acquisition. INEOS is a leading producer in Europe, and this important step expands the Ethylene Oxide and Derivatives business towards the United States, the world's largest market. It also complements our existing Ethanolamine production facility in Plaquemine, Louisiana. The Bayport Underwood site has vacant land for INEOS's growth objectives and is ideally positioned to develop our third-party business, which supports customers integrating into the existing Ethylene Oxide and Derivatives platform. We look forward to welcoming the operation, facility and the highly professional and motivated team to the global INEOS group." The acquisition, which encompasses INEOS acquiring a facility with world-class resources and leading production facilities as well as a successful and experienced team, is targeted to close in the second quarter of 2024, subject to receipt of regulatory and other third-party approvals. Source