BP returns to benzene trading in Europe
30 January 2006 13:11 [Source: ICIS news]
LONDON (ICIS news)--After selling off all its benzene plants, BP has decided to return to trading benzene in Europe, the company announced on Monday.
Trading is expected to resume in the coming weeks after internal approval was given on Monday.
"We have no European benzene assets," said trader Ian Bowles, of the Supply and Trading Division, Europe and Africa Oil at BP in London.
"This is pure trading - we have traders in Chicago and Singapore that cover these markets, and this is basically supporting them by covering the European markets."
"We are going to evaluate whether to add toluene and styrene," added Bowles. "It's not a given, but something we will look at as a potential hedge or risk management tool."
Benzene from the former BP benzene units at Grangemouth, UK, Lavera, France, and Köln, Germany is still trading under the name Innovene, although this will become part of the new Ineos Olefins. BP completed last month the sale of its Innovene business to Ineos.By: Barbara Ortner+44 20 8652 3214
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