Posted in | News | Plastics and Polymers | Business | Petrochemicals

BP To Acquire Solvay’s Share of Their Joint Ventures

Nov 8 2004

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BP today announced that it has reached agreement with Solvay to acquire Solvay’s share of the BP Solvay joint ventures which were established in 2001. This marks the completion of an asset exchange deal announced in December 2000 in which BP transferred engineering polymer assets to Solvay, Solvay transferred polypropylene assets to BP, and two high density polyethylene (HDPE) joint ventures were set up in the US and Europe.

Subject to regulatory approvals, BP will purchase Solvay's share of the HDPE manufacturing plant and businesses. The joint ventures will be terminated in early 2005.

"HDPE is an important part of our olefins and derivatives business. This deal will help launch our new O&D business on a sound footing," said Ralph Alexander, CEO of the new company.

For more information on polyethylene, click here.

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