The business will incorporate all of the Ineos’ oil & Gas assets and enable the Swiss-based, British managed chemical producer to play a major role in the transition to low carbon technologies.

Gilvary retired in June after a 34-year career in BP – according to the newspaper Financial Times, because he was passed over for the CEO’s job, which went to former head of exploration Bernard Looney. Recent rumors had seen him in line for the CEO’s job at mining group Rio Tinto.

Among other milestones at the oil group, Gilvary was chief of its integrated supply and trading business, and as CFO is credited with leading BP to recovery after the 2010 Deepwater Horizon oil spill on the US Gulf Coast as well as the 2014 oil price crash.

In one of his last major transactions, the then-finance chief oversaw the sale of BP’s last petrochemical activities to Ineos for $ 5 billion. The transaction, currently being wrapped up, foresees the transfer of production activities with a volume of 9.7 million t/y at 15 sites in Asia, Europe and the US.

At the time, Ineos chairman and majority shareholder Jim Ratcliffe called the deal with BP “a logical development of our existing petrochemicals business, extending our interest in acetyls and adding a world leading aromatics business supporting the global polyester industry.” Ratcliffe built his now vast petrochemical empire on assets acquired from the UK oil giant.

In announcing Gilvary’s appointment, with the title of executive chairman, Ratcliffe said he was “delighted” that someone of the former BP manager’s caliber “has agreed to join us to head up this exciting new venture at a time of significant transformation in the energy industry.  We are determined that Ineos will be at the forefront of the industry and that Brian will provide the experience and leadership to achieve that aim.”

Ineos did not provide further details of its plans for the new energy company.

Author: Dede Williams, Freelance Journalist