BP has announced 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 next month, with more than US$9bil in assets and US$15bil in third-party sales globally.
BP expects to sell the company later in 2005, possibly by way of an initial public offer, subject to necessary approvals and market conditions.
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 of our aspiration to challenge ourselves and the status quo in our sector” BP chief executive officer Ralph Alexander said in a statement yesterday.
Innovene is a truly global company, with major operations in Asia, North America and Europe.
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. – Bernama