INEOS is set to enhance its Petrochemical portfolio by acquiring TotalEnergies 50% interest in several joint ventures, including Naphtachimie, Gexaro, Appryl, and 3TC. Naphtachimie, one of the largest steam crackers in Europe, with an annual Ethylene capacity of 1.6 billion lbs. Meanwhile, Gexaro and Appryl, specializing in Aromatics and Polypropylene have annual capacities of 600 million lbs and 660 million lbs respectively.

This strategic move will lead to the comprehensive integration of the aforementioned petrochemical entities into INEOS Olefins & Polymers South, located in Lavera, France. Notably, Petroineos will continue to operate Gexaro, situated on the Lavera refinery site.

Xavi Cros, the CEO of INEOS Olefins & Polymers South, views this acquisition as a significant leap forward for INEOS' operations in France and South Europe. The move is expected to bolster their competitive edge and pave the way for further investments, including those aimed at CO2 reduction to fulfill their net zero 2050 pledge.

Additionally, INEOS will take over the southern sections of TotalEnergies ethylene pipeline network stretching from Lavéra to the Lyon region in France. Both companies will jointly hold the central and northern sections extending from the Lyon region to the Lorraine region in France. The finalization of the deal, subject to consultation and regulatory approval, is anticipated by the end of 2023.