The deal, which was announced last July, includes one of Europe’s largest steam crackers with an annual capacity of 720,000 t of ethylene, an aromatics business with an annual capacity of 270,000 t and a polypropylene business with an annual capacity of 300,000 t.

 A number of other infrastructure assets have also been acquired including part of TotalEnergies' ethylene pipeline network in France.

Ineos said that it will now fully integrate the Naphthachimie, Gexaro and Appryl petrochemical businesses, assets and infrastructure into Ineos Olefins & Polymers South at Lavera in Southern France. Gexaro, which is located on the Lavera refinery site, will continue to be operated by Petroineos.

Xavi Cros, CEO of Ineos Olefins & Polymers South, said: "We are pleased that we have today completed the acquisition of TotalEnergies petrochemical assets at Lavera. This is a major step forward for the Ineos French and South European businesses. We will now fully integrate these assets and enhance the competitiveness of our offer."