Ineos has signed a deal to acquire TotalEnergies’ 50% share of Naphtachimie, Gexaro and Appryl. This strategic deal will fully integrate the petrochemical businesses, assets and infrastructure of the three companis, currently being joint ventures, into Ineos Olefins & Polymers South at Lavera. Gexaro is located on the Lavera refinery site and will continue to be operated by Petroineos. Completion of the deal is subject to consultation and regulatory approval and is expected around the end of 2023.

Naphtachimie operates one of Europe’s largest steam crackers with an annual capacity of 720,000 t of ethylene, Gexaro an aromatics business with an annual capacity of 270,000 t and Appryl a polypropylene business with an annual capacity of 300,000 t. A number of other infrastructure assets are also contained in the deal including part of TotalEnergies ethylene pipeline network in France.

Xavi Cros, CEO of Ineos Olefins & Polymers South said: "This is a major step forward for the Ineos French and South European businesses. The acquisition will allow us to fully integrate these assets and enhance the competitiveness of our offer. At the same time our goal is to continue to invest in them, including CO2 reduction to meet our Net Zero 2050 commitment."

As part of the agreement, Ineos will also acquire the southern sections of TotalEnergies’ ethylene pipeline network running from Lavéra to the Lyon region. The central and northern sections, from the Lyon region to the Lorraine region, will be held equally by both companies.