INEOS Group Holdings SA

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Ineos is a privately owned, multi-national chemicals company headquartered in London but registered in tax haven Luxembourg. It is in the top 10 chemicals manufacturing companies as measured by sales revenue. James Ratcliffe is the founder, Chairman and 60% shareholder. Ratcliffe, Currie and Reece own the equity; Ratcliffe has ~60%, with Currie and Reece owning ~20% each.

Plastics: Ineos manufactures the raw materials for products such as bottle caps and toothpaste to computers and cars - in other words, plastics. Ineos uses fracked gas imported from the USA to produce huge quantities of disposable and single-use plastic; and that's the same plan for fracked gas from the UK.ref

In Feb.2019, the group paid a dividend of €1.45bn to its parent company, INEOS Holdings Luxembourg SA.AR-2018, p.F086

ToDo

Video: Who are Ineos. Ineos has a crap environmental record: 8:57. It already imports gas undersea to make plastics. Fracking and Plastic: 22:33.

  • Apr.03.2017: Fracking firm Ineos leads industry lobbying to avoid green tax. Ineos is privately leading an industry lobbying attempt to avoid paying for the cost of decarbonising Britain’s economy. Ineos is pushing the govt to use Brexit as a chance to exempt the chemicals sector entirely from climate policy costs. Currently, energy users pay a levy to support green energy providers, such as offshore windfarms. Last week, the govt announced £100m worth of cuts to the energy bills of heavy users, meaning the chemicals, cement and steel sectors will pay less towards subsidising low-carbon energy generation. That new help comes on top of exemptions worth £250m already awarded to such energy-intensive industries, but Ineos is pushing for even more generous treatment. The cache comes from the Chemistry Growth Partnership, a govt-industry initiative. Ineos is a member, and Tom Crotty is its director. The stated goal of Ineos and the CGP is to pave the way for fracking. Ineos recently increased its shale gas prospects in the UK by 10% when it bought 15 shale licences from French energy company Engie. It now has rights to explore across 1.2m acres in the East Midlands, Yorkshire and Cheshire. Adam Vaughan, The Guardian.
  • FOE briefing on Ineos, Sept.2016. link
  • The agency's clients include INEOS, the £36 bn firm spearheading fracking in the UK, which months earlier had led a lobbying effort to use Brexit as a way to exempt the chemicals sector from climate policy costs. INEOS director Tom Crotty’s latest extra role as head of a new Brexit-focused CBI manufacturing council. Crotty also leads the Chemistry Growth Partnership, the very lobbying group mentioned earlier, that pushed ministers for climate costs exemptions. (?ref?)

People

Jim Ratcliffe

  • 1998: Chairman
  • 1998: left Inspec to lead the acquisition of Ineos plc (then Ineos Oxide) from Inspec. Ratcliffe raised the necessary finance – everything he possessed, plus a combination of loans and venture capital equity – to buy the Antwerp site. Ineos was born. (Inspec was later acquired by Laporte.)
  • 1992: Led the successful buyout of Inspec Group plc from BP, together with John Hollowood, and backing from Advent. Hollowood was chairman, Ratcliffe chief executive. Inspec was mainly in high-margin speciality chemicals, but also owned a "cyclical commodity" business – a plant based in Antwerp producing the kind of chemical raw materials whose prices rise and fall with the general cycle of the economy.
  • Inspec Group plc
  • Advent International Corporation, a private equity group
  • Moved to Courtaulds
  • Began his career with Exxon Chemicals

Andy Currie

  • 1999: Director of Ineos.
  • 1998: Managing Director at Laporte Performance Chemicals, after the Laporte acquisition of Inspec.
  • 1994: Director of the Inspec Group.
  • Spent the first 15 years of his career with BP Chemicals in various technical and business management functions.

John Reece

  • Jan.2000: Finance Director,
  • He was previously a partner with PricewaterhouseCoopers where he advised companies in the chemicals industry.

Jim Dawson

Company

Ineos is organised into around 20 standalone business units, each with its own board.

Ownership

ToDo:

Structure

When unpicking the company structure, start here: OC, CH INEOS is a global manufacturer of petrochemicals, speciality chemicals and oil products. It comprises 34 businesses, each with a major chemical company heritage. Its production network spans 171 sites in 24 countries throughout the world.

Companies House search, James Arthur Ratcliffe Companies House, Ineos Treasury (UK) Ltd


A/cs 2017, p.104

  • J A Ratcliffe, ultimate controlling party
    • Ineos Ltd, ultimate parent co. Shareholders: J Ratcliffe (61.8%), A Currie (19.2%), J Reece (19%), reg. Isle of Man. (AR-2017, p.35,102,104) Flag-Isle-of-Man.svg
      • Ineos Holdings Luxembourg SA, holds 100% of issued share capital of Ineos Group Holdings SA, reg. Luxembourg Flag-Luxembourg.svg
        • Ineos Group Holdings SA, reg. Luxembourg Flag-Luxembourg.svg
          • INEOS Luxembourg I SA, 100%, holdco, reg. Luxembourg Flag-Luxembourg.svg

INEOS Investments (Jersey) Ltd controlled by the principal shareholders of IGH, but not a member of the INEOS Group; as a result of the Refining Divestiture, owns a 50.1% interest in the Refining Business JV, a 49.9% interest in the Entrepreneurial (Refining) Business JV, a 50.0% direct interest in the Infrastructure Entity and a 25.05% indirect interest in the Infrastructure Entity by virtue of its 50.1% stake in the Refining Business JV;

  • "IGH" = Ineos Group Holdings SA
  • Ineos AG is a subsidiary of Ineos Ltd, reg. Switzerland. Was Ineos Capital Partners to Apr.2010. Was ultimate parent in 2011. Ratcliffe, Currie and Reece were the partners. Owns and controls a number of operating subsidiaries that are not included in the Ineos Group Holdings SA group, including Kerling plc and Ineos Industries Ltd. (2012, p.F-81)
  • Ineos Holdings AG is a wholly owned subsidiary of Ineos AG
  • Ineos Holdings Luxembourg SA holds 100% of issued share capital of Ineos Group Holdings SA
  • Ineos Holdings AG holds 100% of issued voting share capital of Ineos Holdings Luxembourg SA

The remaining non-voting issued share capital is held by Estera Trust (Jersey) Ltd, Trustee of the INEOS Group Share Benefit Trust, by Estera Nominees (Jersey) Ltd and by certain employees, former employees or their family members. Dec.2012: Appleby Trust (Jersey) Ltd, Trustee of the INEOS Group Share Benefit Trust, by Appleby Nominees (Jersey) Ltd ....

  • Ineos Holdings AG exercises a controlling interest over Ineos Holdings Luxembourg SA through its majority interest in the voting share capital.
  • Ineos AG holds 100% of issued share capital of INEOS Holdings AG
  • Of the issued share capital of Ineos AG, 94.9% is held by Ineos Ltd and 5.1% directly by James Ratcliffe, Andrew Currie and John Reece. INEOS Ltd became the ultimate parent undertaking of the Group on Dec.01.2016. See also “Management” and “Certain Relationships and Related Party Transactions.”
  • Ineos AG is a subsidiary of Ineos Ltd, provides operational management services to the group.

Ineos Ltd owns and controls operating subsidiaries that are not included in the Ineos Group Holdings SA group:, p.105

  • INOVYN Ltd
  • Ineos Industries Ltd (which from September 1, 2017 includes the Grangemouth petrochemical subsidiaries)
  • INEOS Enterprises Ltd
  • Lavéra petrochemical assets and businesses, together with other French and Italian assets of INEOS O&P South
  • the refining joint ventures between PetroChina and INEOS Investments (Jersey) Ltd and INEOS Investments (Jersey) Ltd
  • Joint venture with Sasol Ltd to build and operate a HDPE plant at Battleground site in Texas, USA

Acquisitions + Divestitures

  • Sept.2017: INEOS Upstream Ltd acquired further natural gas assets in the North Sea through its acquisition of the entire oil and gas business of DONG Energy A/S.
  • Nov.2016: The Group acquired 100% of the shares of WLP Holding Corporation, one of the largest high density polyethylene (HDPE) pipe manufacturers in North America. WL Plastics has over 500m lbs of annual production capacity and provides HDPE pipe for use in oil, gas, industrial, mining, conduit, and municipal water and sewer applications. Moreover, in 2016, following a strategic review of the INEOS Technologies business, we decided to cease marketing its polyolefins licensing technology externally and to transfer the remaining parts of the INEOS Technologies business to existing businesses within the Group to provide a clearer focus on individual product lines. p.47,49,F-32
  • Sept.2015: The Group acquired the aromatics and cumene assets from Axiall Corporation for an initial cash consideration of $57.8m (€51.9m). The acquisition comprised the world’s largest cumene plant in Pasadena, Texas. In addition, Axiall’s phenol, acetone and alpha-methylstryrene business was transferred to the INEOS phenol facility at Mobile, Alabama. p.49, F-33
  • Jul.2015: Completed the purchase of the remaining 50% interest in the Noretyl AS joint venture of the Noretyl ethylene cracker at Rafnes, Norway from the INOVYN group (was the Kerling Group), a related party. This acquisition forms part of the O&P Europe - North segment. Noretyl AS became a wholly owned subsidiary of the Group (see Note 13.b). p.F-44

In 2015, also acquired aromatics and cumene assets from Axiall Corporation for an initial cash consideration of $57.8m (€51.9 million). The acquisition comprised the world’s largest cumene plant in Pasadena, Texas. Additionally, Axiall’s phenol, acetone and alpha-methylstyrene business was transferred to the INEOS phenol facility at Mobile, Alabama.
Ineos Bamble AS, a subsidiary of the INEOS Group Holdings SA, holds a 50% interest in Noretyl AS, with the Kerling Group holding the other 50% interest in the JV. Noretyl AS operates a hydrocarbon cracking plant in Rafnes, Norway (2012 a/cs, p.96).

  • 2015: INEOS Upstream Ltd acquired natural gas assets in the North Sea from a UK subsidiary of DEA Deutsche Erdoel AG, which is part of the LetterOne Group and from Fairfield Energy (owned by Decom Energy Ltd, owned by Mitsubishi) (collectively, the “2015 Upstream Acquisitions”) by way of acquiring certain of its subsidiaries. INEOS Upstream Ltd is a wholly-owned, oil and gas subsidiary of INEOS Ltd.
  • Nov.2014: Styrolution was previously a 50-50 joint venture between INEOS Industries Holdings Ltd and BASF. Ineos Industries Ltd completed the acquisition of BASF’s 50% share in Styrolution for a purchase price of €1.1bn. (?INEOS Styrolution Holding GmbH?) p.64, 105.

Styrolution is a joint venture among INEOS Industries Holdings Ltd (which owns 50% of Styrolution through its shareholding in Styrolution Holding GmbH), BASF SE (which owns 34.05% of Styrolution through its shareholding in Styrolution Holding GmbH) and BASF Antwerpen NV (which owns 15.95% of Styrolution through its shareholding in Styrolution Holding GmbH). INEOS Industries Holdings Ltd is a wholly owned subsidiary of INEOS Industries Ltd, and INEOS Industries Ltd is a wholly owned subsidiary of INEOS AG, thereby making it an affiliate of ours. 2012 a/cs, p.97

  • Jul.2014: The Group completed the disposal of the Lavéra petrochemical assets and businesses, together with the other French and Italian assets of O&P Europe (“O&P South”), to a new subsidiary of INEOS AG, for a total consideration of €200m. The downstream assets at the Lavéra complex are not assets of the Group, are not part of the restricted group under the Indenture and will form a separate stand-alone finance group. These arrangements have been put in place as part of a restructuring plan for these businesses, which have under-performed historically. The restructuring plan aims to improve the reliability and cost base of the Lavéra site going forward, p.49.

July,2014: Our subsidiaries INEOS Group AG and INEOS Europe AG disposed of certain petrochemical assets and business in France and Italy to a subsidiary of INEOS AG, a company wholly owned by our ultimate parent INEOS Ltd. The disposed businesses comprise a petrochemical business at the Lavéra site in France as well as certain other business and assets in France and Italy that were formerly part of our European Olefins & Polymers business unit (the disposed assets and business are together referred to as the “Lavéra businesses”). The acquiror of the Lavéra businesses is not part of the “Restricted Group”. p.92

  • Oct.2013: The shares, assets + liabilities of INEOS Chemicals Grangemouth Ltd and INEOS Commercial Services UK Ltd were transferred to INEOS Grangemouth plc (was INEOS Grangemouth Ltd), a newly created subsidiary of INEOS Holdings AG, our indirect parent company. The business re-domiciled in the UK and became eligible for support under the UK govt’s Infrastructure Guarantee Scheme, which it has taken advantage of. ...significant investment in new infrastructure to allow the site to import gas from the US, p.47. The Grangemouth Divestiture was implemented pursuant to a restructuring designed to address concerns that the operations carried out by INEOS Commercial Services UK Limited and INEOS Chemicals Grangemouth Limited at the Grangemouth site had been loss-making for the previous 4 years, primarily due to a high fixed-costs base at the Grangemouth site and a decline in suitable feedstock supplies. The plan ... required a significant investment to allow the site to import ethane gas from the US. The investment was funded from the proceeds of the issue by INEOS Grangemouth plc in August 2014 of €285 million 0.75% Guaranteed Notes due 2019, which are guaranteed by the U.K. government’s Infrastructure Guarantee Scheme. p.91
  • Jul.2011: Transferred the Refining Business, Entrepreneurial (Refining) Business and certain infrastructure assets to 3 joint ventures outside the INEOS Group. 2017 a/cs, p.47,F-44; 2012 a/cs, p.81

Subsidiaries of Lux I disposed of:
(i) the Refining Business and the Entrepreneurial (Refining) Business to JVs formed between PetroChina and INEOS Investments (Jersey) Ltd and
(ii) the Infrastructure Entity to a JV owned by INEOS Investments (Jersey) Ltd (50.0%) and the Refining Business JV (50.0%).
The disposal of the Refining Business, the Entrepreneurial (Refining) Business and the Infrastructure Entity was principally a disposal of the Refining segment of the Ineos Group as reported on the financial statements of IGH.
The Refining Business and the Entrepreneurial (Refining) Business disposed of in connection with the Refining Divestiture consist principally of the crude oil refining operations carried out at the refineries located at Grangemouth, Scotland, and Lavéra, France, and related entrepreneurial activities.
The Refining Divestiture also involved the transfer to the Infrastructure Entity of certain related infrastructure assets (principally a power station in Grangemouth, Scotland, and a terminal and other facilities). ... The Infrastructure Entity ... is jointly owned by INEOS Investments and the Refining Business JV. p.90

  • Mar.2010: completed the sale of its fluorochemicals business to Mexichem Fluor S.A. de C.V., a subsidiary of Mexichem S.A.B. de C.V. a leading Latin American producer of PVC pipes and resin, chloralkali, hydrofluoric acid and fluorspar. The sale comprised of the international business and assets related to the Group’s fluorochemical operations located in North America, Europe, and Asia. Activities relating to the Clean Development Mechanism (CDM) and fluorspar (Glebe Mines) remained with Ineos. 2012 a/cs, F-31
  • Jan.2010: completed the sale of the ChlorVinyls and Compounds Switzerland businesses to Kerling plc, a new holding company formed to combine together Ineos Enterprises, Ineos ChlorVinyls and the Ineos Norwegian Polymers business. 2012 a/cs, p.F-31
  • Dec.2005: The combination of INEOS and Innovene represented a transformational milestone, providing global scale and further upstream integration.
  • 2005: In connection with the separation of certain businesses that INEOS acquired from BP in December 2005..., p.100
  • Share Sale and Purchase Agreement dated October 7, 2005, as amended from time to time, among certain subsidiaries of BP, IHL, certain subsidiaries of IHL and INEOS Group Limited;...
  • Dec.2005: the purchase by INEOS Group Holdings on December 16, 2005 of all of the shares and assets comprising the Innovene business pursuant to the Acquisition Agreement...
  • Apr.1998: INEOS was established with the acquisition of the Belgian “Oxide” assets from Inspec plc. Ratcliffe left Inspec to lead the acquisition of INEOS plc (now INEOS Oxide) from Inspec, p.102
  • 1992: James Ratcliffe led the successful buyout of Inspec Group plc, p.102

Companies:

  • Ineos Styrolution Holding GmbH,
  • INEOS Upstream Ltd
  • INEOS Commercial Services UK Ltd
  • INEOS Chemicals Grangemouth Ltd
  • INEOS Europe AG
  • INEOS Derivatives France Ltd
  • INEOS AG, provides operational management services to group companies.
  • INEOS Finance plc
  • INEOS Treasury (UK) Ltd, a wholly owned subsidiary of INEOS Investment Holdings (Germany) Ltd
  • Lux I and certain of its subsidiaries (including IHL and INEOS Finance plc), p.120
  • Ineos Grangemouth plc
  • INEOS Nova JV = INEOS NOVA International SA, INEOS NOVA UK Limited, INEOS NOVA Netherlands BV, INEOS NOVA Technology BV, INEOS NOVA European Holding BV, INEOS NOVA Manufacturing GmbH, INEOS NOVA Germany GmbH, INEOS NOVA Ribécourt SAS and INEOS NOVA Holding France SAS
  • INEOS Infrastructure (Grangemouth) Ltd, an entity that acquired certain infrastructure assets at Grangemouth, Scotland (principally a power station in Grangemouth, Scotland, and a terminal and other facilities), and which, following the Refining Divestiture, is jointly owned by INEOS Investments (50.0%) and the Refining Business JV (50.0%);
  • Principal subsidiaries, p.F-46
    • INEOS Holdings Ltd
  • INEOS European Holdings Ltd
  • INEOS Finance Plc
  • INEOS Treasury (UK) Ltd
  • Ineos Fluor Ltd
  • Ineos Silicas Ltd
  • Ineos Commercial Services Ltd
  • INEOS Oxide Ltd
  • INEOS Sales (UK) Ltd
  • INEOS Nitriles (UK) Ltd
  • Ineos Compounds UK Ltd
  • INEOS Manufacturing (Hull) Ltd
  • INEOS Technologies (Vinyls) Ltd
  • Ineos Bio Ltd
  • Ineos Healthcare Ltd
  • The Group has a non-voting preferred partnership interest in Ineos Investments Partnership, an entity held under common control by the Group’s ultimate shareholders, which owns 24% of the share capital of the PQ Corporation, a silicas business incorporated in the USA and listed on the New York stock exchange.

Joint Ventures

  • Cedar Bayou in Texas, operated by Chevron Phillips Chemical Company LLC in a 50/50 joint venture with Chevron Phillips.
  • JV with Sasol Ltd, new co. named Ineos Gemini HDPE Co LLC to construct a facility to manufacture high-density polyethylene, became operational in late 2017. p.??, p.64
  • The Refining JVs are between PetroChina and INEOS Investments (Jersey) Ltd, a related party. INEOS Investments, whose shareholders are the principal shareholders of IGH, holds a 49.9%, a 50.1% and a 50.0% direct interest in the Entrepreneurial (Refining) Business JV, the Refining Business JV and the Infrastructure Entity, respectively. INEOS Investments holds a 25.05% indirect interest in the Infrastructure Entity by virtue of its 50.1% stake in the Refining Business JV, p.106.
  • Petroineos Refining Ltd, refining, Lavéra, France + Grangemouth, Scotland, 50.1%
  • Petroineos Trading Limited, refining, Lavéra, France + Grangemouth, Scotland, 59.9%
  • Ineos Infrastructure (Grangemouth) Ltd, refining, Grangemouth, Scotland, 75%
  • Ineos Gemini HDPE Co LLC, chemicals, Texas, 50%

Joint ventures outside the Group

  • the French joint ventures associated with the Lavera petrochemical assets and businesses which were divested by the Group on Jul.01.2014 and a joint venture with Sasol Ltd to build and operate a HDPE plant at Battleground site in Texas, USA which became operational at the end of 2017, p.106.

Jul.2014: The Group set up a JV with Sasol to build and operate an HDPE plant at the Battleground site in Texas. The plant is expected to be operational in 2017. p.F-44

Ineos is quite open and frank about climate change legislation negatively impacting the businesses; ditto re chemical impact on the environment. A/cs 2017, p.14, p.97 Acquires a "substantial proportion" of feedstocks from BP, p.20. Highly leveraged, p.22. Uses Carbon Trading, p.96.

The business is operated through 3 segments:

  • Olefins & Polymers Europe, p.73, p.78
    • High Density Polyethylene (HDPE): car fuel tank, milk bottle, high performance pipe and blow moulding applications
    • Low Density Polyethylene (LDPE): specialty applications in the wire and cable, medical and coatings sectors
    • Linear Low Density Polyethylene (LLDPE): primarily sold to customers in the film (+ sealable film) sector
    • Polypropylene (PP): high modulus pipe and related applications, highly reinforced impact copolymers for injection moulding, medical and heat sealable BOPP films
  • Olefins & Polymers North America, 73, 82
    • Polyethylene: slurry loop high-density polyethylene, for use in manufacturing food packaging, household chemical containers, pipe, injection-molded products such as caps and closures, and crates and pails.
    • Polypropylene: crates and trays, roofing membranes, food packaging, carpets, automotive products, DVD cases, rope and toys.
    • manufactures polyethylene pipe through our subsidiary, WL Plastics. WL Plastics was acquired in November 2016.
  • Chemical Intermediates
    • Four main product groups: INEOS Nitriles, INEOS Oligomers, INEOS Oxide and INEOS Phenol. The activities of INEOS Enterprises are also included within Chemical Intermediates. Together they produce a wide range of products including phenol, acetone, alpha olefins, ethylene oxide and derivatives, acrylonitrile, ammonia and nitric acid. We have a total of 16 manufacturing sites globally, with many of our plants integrated either directly with their key raw materials on-site, or via pipeline connection. p.73

The products we manufacture are derived from crude oil and natural gas, and include olefins, polymers and various petrochemical products directly or indirectly derived from olefins. Our products serve a broad and diverse range of end markets, including packaging, construction, automotive, white goods/durables, agrochemicals and pharmaceuticals. A/cs 2017, p.46, diagram p.70.

We operate a total of 17 sites for olefins and polyolefins, including our large integrated olefins cracker and polyolefin facilities at Köln, Germany, Rafnes, Norway, and Chocolate Bayou, Texas, United States and seven polyethylene pipe manufacturing sites within the United States. These facilities support our highly competitive proprietary polyolefin process technologies. The technologies include our cost-effective gas phase polypropylene technology, our specialized technology for high-density polyethylene and our flexible proprietary “swing” technology for both linear low-density and high-density polyethylene. p.72

Petrochemicals

Ineos Enterprises

Key product: Ammonia (mnf. intermediate for nitric acid, polymer resins, textiles), Nitric acid (polyurethanes). p.86, 87
Manufactures ammonia and nitric acid at Köln, Germany. p.88

Ineos Nitriles

Key products: Acrylonitrile (acrylics, styrene polymers), Acetonitrile (solvents), Hydrogen cyanide (gold extraction, perspex, animal feeds), Acetone cyanohydrin (perspex, chemical intermediates), Ammonium sulphate (fertilizers), Oxazole (chemical intermediates), Acrylonitrile catalysts. p.85,86
Operates from 4 sites: Green Lake, Texas; Lima, Ohio; the former BASF site in Seal Sands, north-east England; Köln, Germany. p.88

Ineos Olefins & Polymers Euro

Ineos Olefins & Polymers USA

Ineos Oligomers

Key products: Linear alpha olefins (polyethylene, synthetic lubricants, detergents, oil drilling chemicals), Polyalpha olefins (synthetic lubricants), Isoolefins, Isoparaffins, Specialties (tyres, acids, agrochemicals, fragrances, cosmetics, blowing agents), GAS/SPEC specialty amine solvents & additives (coal degasification, natural gas processing, LNG, various refining operations), GAS/SPEC process technology packages. p.85, 86
Operates from 4 sites: Joffre, Alberta, Canada; La Porte, Texas; Feluy, Belgium; Köln, Germany. A new 420,000 tonnes linear alpha olefins plant at Chocolate Bayou, Texas will be operational in early 2019. p.88

Ineos Oxide

Key products: Ethylene oxide and derivatives (polyester resins, fibres, detergents, agrochemicals, surfactants, cosmetics, glyphosates, pharmaceutics, synethetic lubricants), Propylene oxide and derivatives (polyurethane foam and resins), Ethylidene norbornene monomer, Ethyl and butyl acetates (surface coatings, inks, paints, process solvents). p.85, 86
Operates from 4 main sites: Antwerp, Plaquemine, Köln, Hull. The Antwerp site has its own jetty facility on the Schelde River which links it to the port of Antwerp and the Amsterdam Rotterdam Antwerp pipeline, with rail and road tanker loading facilities. The Plaquemine plant is a prime location for chemicals production due to advantaged access to feedstock and direct access to sea jetties. p.88

Ineos Phenol

Key products: Phenol (polycarbonates, epoxy and phenolic resins, pharmaceuticals and nylon intermediates), Acetone (bisphenol A, methylmethacrylate, polymethylmethacrylate, pharmaceuticals, solvents, coatings, personal care products, agrochemicals), Cumene (feedstock for producing phenol and acetone), alphamethylstyrene (heat resistant thermoplastics, tackifiers, coatings and antioxidants). p.85, 86
Operates phenol and acetone plants at 3 sites: Gladbeck, Germany; Antwerp, Belgium; and Mobile, Alabama. Gladbeck receives its raw materials by pipeline from an INEOS-owned cumene plant (Marl). Antwerp has direct deepwater access. Mobile plant is on Mobile Bay on the Gulf of Mexico. All cumene is supplied via ship mainly from an INEOS-owned cumene plant (Pasadena, Texas) or producers on the Gulf Coast or Asia. About half of the phenol and acetone produced is transported via ship and barge while the balance goes out by rail and road. INEOS Phenol operate two cumene plants at sites in Marl, Germany and Pasadena, Texas. Two cumene plants are at sites in Marl, Germany and Pasadena, Texas. p.88

Ineos Polyolefin Catalyst

Ineos Styrolution

Ineos Inovyn

INOVYN Finance Plc ?, INOVYN is a trademark of INOVYN ChlorVinyls Ltd. Wholly owned by INEOS, INOVYN is the supplier of choice for manufacturers around the world. INOVYN's strengths across its extensive chlorvinyls activities creates a world scale business that continues to serve its customers and rapidly respond to changing European markets.ref
Formed on 1 July 2015, INOVYN is a vinyls producer that ranks among the top three worldwide. With an annual turnover in excess of €3.5bn, INOVYN has more than 4,300 employees and manufacturing, sales and marketing operations in eight countries across Europe. Our portfolio consists of an extensive range of class leading products arranged across General Purpose Vinyls, Specialty Vinyls, Organic Chlorine Derivatives, Chlor Alkali and Electrochemical & Vinyls Technologies. Annual production volumes are in excess of 40 million tonnes.ref
INOVYN is the European vinyls leader and among the top three largest vinyls producers worldwide. Vinyls are by far the most versatile thermoplastics ever and INOVYN serves different market needs through two dedicated business units - General Purpose Vinyls and Specialty Vinyls.ref INOVYN manufactures a wide range of chemicals that are used as raw materials in almost every industrial process. Our portfolio is organised across five key product groups - organic chlorine derivatives; chlor alkali; general purpose vinyls; specialty vinyls; and technologies.ref INOVYN is delighted to have worked in partnership with the UK Chemical Industries Association and ITN Productions to create an exciting programme featuring key industry reviews and news-style reports along with sponsored editorial profiles. The programme, called ‘Solutions for our Future’, launched at the CIA Annual Conference in London on 15 November 2018, focuses on the importance of the £multi-billion chemical industry and the significant impact the sector has on our day to day lives, economic progress, and the future for the next generation. In its contribution, INOVYN talks about its role in VinylPlus and the investment it continues to make to deliver a sustainable future for the entire PVC value chain. INEOS also made a significant contribution to the programme, discussing its investment in the Scottish economy and its chemicals company manufacturing hub.ref A very carefully-crafted propaganda piece. Eg: We need to consider the full lifecycle of the material, starting from the very first point in development, up to the final point where it gets reused. No mention that ~80% (guess) of Ineos products are single-use plastics.

Ineos Oil & Gas UK

Consists of the Ineos Breagh assets and all assets mainly in the West of Shetlands acquired from DONG Energy. The business is led by David Brooks as CEO, and is based in London.

Ineos Oil & Gas Denmark

Consists of operated and non-operated oil and gas assets located in Denmark. The business is headed by Flemming Horn Nielsen as its CEO with offices and operations in Esbjerg and Gentofte, Denmark.

Ineos Oil & Gas Norway

Consists of the assets located in Norway. The business is led by Sebastian Koks Andreassen as CEO with its office located in Stavanger, Norway.

Ineos FPS

Consists of the Forties Pipeline System, the Kinneil terminal and gas processing plant, the Dalmeny terminal, sites at Aberdeen, the Forties Unity Platform and associated infrastructure. It delivers almost 40% of the UK’s North Sea oil and gas. Led by Andrew Gardner as CEO, with operations in Falkirk and Aberdeen.

Ineos Trading & Shipping

x

Ineos Upstream Services

A new venture that will provide a broad range of high quality upstream services to INEOS and the wider upstream market. The fleet currently consists of onshore seismic surveying equipment and onshore well stimulation and well testing equipment. The business is led by Geoff Holmes as COO and is located in London, UK.

Ineos Shale

Ineos Shale is focused on onshore gas development. It is the biggest player in the UK onshore shale gas sector, with access to over 1.3m acres of prime shale exploration areas in England and Scotland. Ron Coyle is CEO, and the business is based in London, UK.

  • Nov.2014: Ineos announced planned investment of £665m in UK shale gas exploration and appraisal. The gas would be used as feedstock for chemicals at the company's Grangemouth plant, rather than as fuel. The company has guaranteed to give local communities 6% of any revenues generated (4% to home & land owners above the well, and 2% to the wider local community). The vast majority of the Ineos bids are in Scotland and the North of England, where the local populations have either a mining or an industrial heritage. Ineos is already the owner of two substantial shale licences in Scotland, comprising over 120,000 acres, in addition to investing a further £400m in a project to bring US shale gas to Grangemouth.[1]

Joint ventures: Petroineos

Petroineos comprises trading and refining joint ventures between Ineos and PetroChina International (London) Company Ltd. The company is Europe's leading independent crude oil refiner. Petroineos refineries are strategically located at Grangemouth Scotland and Lavéra France.

The Lavéra refinery is located on the coast of the Mediterranean crude oil trading basin, next to the port of Marseille. It supplies fuel by pipelines into France, Switzerland and Southern Germany.

The Grangemouth refinery is located on the Firth of Forth with direct access to crude oil and gas from the North Sea. It provides fuel to Scotland, Northern England and Northern Ireland.

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In 2013, Unite agreed to no strikes for 3 years, a move to a “more modern” pension scheme, a pay freeze for 3 years, and changes to union agreements on site, including no full-time union conveners. Ratcliffe said he was investing £300m to fund ongoing losses and finance the building of a gas terminal to import shale gas from the US. "The Scottish govt has indicated it will support the company’s application for a £9m grant to help finance the terminal and the UK govt has given its prequalification approval for a £125m loan guarantee facility."[2]

Ineos Automotive

Ineos Automotive was founded in 2016. "Projekt Grenadier" is its first project, named for the pub it was first imagined in. The firm is currently in negotiations to determine the most suitable location for the vehicle’s production.

Lime Wood Group

Think this is owned separately by Ratcliffe, ie. not strictly speaking part of Ineos.

Timeline

  • https://www.ineos.com/company/history/
  • 2018: Ineos Group Holdings SA reported record annual profits of €2.3bn. Net debt was €4.8bn at Dec.2017.[3]
  • 2016: Ineos Automotive founded.
  • Jul.2011: Petroineos formed; joint venture with PetroChina International (London) Company Ltd.ref
  • 2010: Flag-Tax-Haven-v2.svg Ratcliffe and his team left the UK for Switzerland and a much lower corporate tax rate, moving about 60 families to Rolle, already home to foreign outposts of several multinationals.
  • 2008: Ineos asked Labour (Blair) for a temporary deferral of VAT payments, about £350m; the govt said "No".
  • 2008: Ineos Slicas is sold to PQ.
  • 2005: Innovene: the deal that would propel Ineos into the big league of global chemical companies: BP's massive chemicals business, Innovene. Grangemouth was one of its plants.
  • 2004: Ineos Enterprises formed.
  • 2001: Acquired Crosfield from ICI, and formed Ineos Silicas.
  • 1998: Ineos formed to acquire the former BP site at Antwerp from Inspec.

Articles

  • Nov.16.2018: Ineos splashes out on resin business in $1.1bn deal. Ineos' enterprises division agreed to buy Ashland Global Holdings’ entire composite business, which had 20 manufacturing sites across Europe, the Americas, Asia and the Middle East, and makes products such as resins, gel coats and corrosion-resistant fibreglass reinforced plastic, used in building ships and other vehicles. The deal is the latest in a string of acquisitions and investments by Ineos that has led to the company expanding from its roots in petrochemicals to a commanding position in North Sea oil and gas, and to enter industries such as fashion and car making. It also has amassed the most shale gas exploration rights in Britain of any company. Emily Gosden, The Times.

References

  1. ^ Ineos moves to become biggest player in the UK Shale Gas Industry. Ineos News, Nov.20.2014.
  2. ^ Ineos reverses decision to close Grangemouth. The Financial Times, Oct.25.2013.
  3. ^ Centrica job cuts "are driven by price cap". Ineos has a complex corporate structure and also has a series of other businesses which report profits separately. For example, Ineos Group Holdings includes the petrochemicals complex at Grangemouth but not Petroineos or the Forties pipeline system. Emily Gosden, The Times, Feb.23.2018.