EC clears INEOS for Borealis' Norway petchem ops

24 August 2007 18:15  [Source: ICIS news]

TORONTO (ICIS news)--The European Commission (EC) has cleared the planned €290m ($392m) acquisition of Borealis’ petrochemicals business in Norway by UK chemicals major INEOS, the commission said on Friday.

 

INEOS and Borealis announced the deal in June.

 

The commission’s examination had shown that the combination would not have significant anti-competitive impacts on the markets for ethylene (C2), polyethylene (PE), propylene (C3), polypropylene (PP), crude C4 and pygas, it said.

 

In terms of upstream impacts, the combined INEOS-Borealis petrochemicals entity would pose no competitive risks in markets for liquid petroleum gas (LPG) and ethane feedstocks, the commission said.

 

INEOS is also to acquiring Norsk Hydro’s Kerling petrochemicals business. The EC is expected to rule on that deal next month.

 

Last year, INEOS bought eythlene oxide/ethylene glycol (EO/EG) operations from BP in Germany.

 

($1 = €0.74)


By: Stefan Baumgarten
+1 713 525 2653



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