Ineos talks of PetroChina deal for Grangemouth

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The ‘Falkirk Herald’, based close to Ineos’s Grangemouth facility in Scotland, is not normally the place that the blog would look for news of the potential sale of a major part of the world’s 4th largest chemical company.

However, that is what happened today, when the ‘Herald’ reported that Grangemouth site manager Gordon Grant had confirmed Ineos was looking for “partners”, and “had some interest from PetroChina”. Being questioned by the local community council, Grant then reportedly added that “Ineos has stated very clearly we are committed to the Grangemouth site, but nothing is forever. We will see what comes out of these discussions with PetroChina”.

Rumours of potential INEOS sales have been around for some months. And whilst a deal may not be quite as close as the Herald suggests, INEOS is certainly under intense pressure from its lenders, as it seeks to agree a new business plan by a revised deadline of 17 July. A sale of part or all of the Grangemouth refinery could bring in significant cash, given the $725m that Dow achieved recently for its TRN refining business.

About Paul Hodges

Paul Hodges is Chairman of International eChem, trusted commercial advisers to the global chemical industry. The aim of this blog is to share ideas about the influences that may shape the chemical industry over the next 12 – 18 months. It will try to look behind today’s headlines, to understand what may happen next in important issues such oil prices, economic growth and the environment. We may also have some fun, investigating a few of the more offbeat events that take place from time to time. Please do join me and share your thoughts. Between us, we will hopefully develop useful insights into the key factors that will drive the industry's future performance.

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One Response to Ineos talks of PetroChina deal for Grangemouth

  1. John Petrie 7 September, 2009 at 8:38 pm #

    I wonder if there is anyone who has the basic understanding of Plant control in the chemicals who has had training for this? as the noise is as bad as when BP put new plants in. When the control operators could sense the plant/plants goind off loine they could prevent it happening,when the technology at that time was very basic. The Flare stack only went very few times in the year,they wre barely in use,BP Flares went on for nigh on 6years and it seems like you are trying to emulate BP and I’m not impressed with your efforts at the moment. On shut downs you sure take a long time to to get them under control, your comments!! Mr.Petrie.

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