BP has revealed that its new petrochemicals and fuels company, due to be launched at the start of April, will be called Innovene.
Innovene will be formed as a separate entity within the BP Group, 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’s major manufacturing sites will include Grangemouth in Scotland, Lavera in France, Koln in Germany, Lima, Chocolate Bayou and Green Lake in the US. Meanwhile, 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.
The new company will manufacture 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.
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 tons of petrochemicals a year.