LONDON, March 22--PRNewswire--AsiaNet/InfoQuest
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:
http://www.innovene.com/innovene/images/innovene_logo_jpeg.zip
-- 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.
SOURCE BP
CONTACT: Ben Moxham, Innovene, +44-798-956-6560; Robert Wine, BP,
+44-020-7496-4827
Web site: http://www.innovene.com/innovene/images/innovene_logo_jpeg.zip
--Distributed by AsiaNet (www.asianetnews.net)--