BP unveils new identity for unit

  • Business
  • Wednesday, 23 Mar 2005

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  

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3

Next In Business News

Tropicana sells 1.85 million Top Glove shares at a loss
CPO futures likely to trend higher next week
Asian LNG spot prices rise as China replenishes inventories
US stops short of branding Vietnam, Switzerland, Taiwan currency manipulators
Oil price down but secures weekly gain on recovery hopes
GLOBAL MARKETS-World stocks at new peaks on strong China, US data
Food for thought
Food inflation will continue to rise if efficiency is not addressed
Short position - AmBanks' placement, virtual AGMs, glove stocks
The question of MoUs materialising

Stories You'll Enjoy