- INEOS acquires TotalEnergies' 50% share in Naphtachimie, Appryl, Gexaro, and 3TC.
- The deal includes a 720 ktpa steam cracker, 300 ktpa polypropylene, and 270 ktpa aromatics businesses.
- INEOS will also acquire part of TotalEnergies' ethylene pipeline network in France.
- Completion is expected around the end of 2023, pending regulatory approval.
Acquisition Overview
INEOS is set to acquire TotalEnergies' 50% share in several joint ventures at the Lavera petrochemicals complex in Southern France. These include Naphtachimie, Appryl, Gexaro, and 3TC. The acquisition also encompasses various infrastructure assets, including part of TotalEnergies' ethylene pipeline network in France.
Key Assets
Naphtachimie operates one of Europe's largest steam crackers with an annual capacity of 720,000 tonnes of ethylene. Appryl is a polypropylene business with an annual capacity of 300,000 tonnes, while Gexaro is an aromatics business with an annual capacity of 270,000 tonnes. The deal also includes 3TC, which stores naphtha feedstock for the Naphtachimie steam cracker.
Strategic Integration
This acquisition will fully integrate the Naphtachimie, Gexaro, and Appryl petrochemical businesses, assets, and infrastructure into INEOS Olefins & Polymers South at Lavera. Gexaro, located on the Lavera refinery site, will continue to be operated by Petroineos.
Future Plans
INEOS aims to enhance the competitiveness of its offer and continue investing in these assets, including efforts to reduce CO2 emissions to meet its Net Zero 2050 commitment. The southern sections of TotalEnergies' ethylene pipeline network, running from Lavera to the Lyon region, will be acquired by INEOS, while the central and northern sections will be held equally by both companies.
Regulatory Approval
The completion of the deal is subject to consultation and regulatory approval and is expected around the end of 2023.
