BP sells Innovene to Ineos.

BP plc has agreed to sell its Innovene subsidiary to Ineos, also of the U.K. Innovene is BP's $18-billion olefins, derivatives, and refining group, which was created as a separate subsidiary on April 1. It has major PP and HDPE operations (formerly known as BP Amoco), based in League City, Texas. The sale includes all Innovene's manufacturing sites and technologies.

With this purchase, Ineos becomes the world's fourth largest independent petrochemicals company, whose operations include polystyrene (formerly BASF's North American PS business), PVC resins and compounds (formerly EVC), PVC and PET film, chlorinated paraffins, synthetic silica, and HFC-134a blowing agent for PUR foams.