AtoFina, BP split up their PP joint venture Appryl

16 November 2000 15:46  [Source: ICIS news]

LONDON (CNI)--French chemicals company AtoFina and Anglo-American oil and chemicals group BP announced on Thursday they have agreed the terms of the demerger of their 51:49 polypropylene (PP) joint venture Appryl.

Under the agreement, AtoFina will take over Appryl's PP activities in Gonfreville, France and BP will take over its PP activities in Grangemouth, Scotland. In addition, AtoFina and BP will set up a 50:50 manufacturing joint venture at Lavera, France which will be operated by AtoFina. Both companies will have free access to the technology developed by Appryl.

AtoFina, which is part of TotalFinaElf, and BP decided to wind up Appryl at the beginning of the year following the mergers between BP and Amoco in 1998 and between TotalFina and Elf at the end of 1999. AtoFina was created by combining TotalFina's chemicals activities with Elf's chemicals subsidiary Elf Atochem.

Following the merger between BP and Amoco, Appryl's then owners BP and Elf Atochem had planned to replace Appryl with a 50:50 PP joint venture which incorporated Amoco's PP assets. But this plan was soon disbanded after it emerged that Elf was to merge with TotalFina.

Subject to the agreement of the appropriate authorities, the Appryl demerger is expected to become effective at the beginning of 2001.

By: Anna Jagger
+1 713 525 2653

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