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Ineos: Preliminary talks on petchem asset sale confirmed

Ineos (Lyndhurst / UK; www.ineos.com) is said to be talking to Middle East and Chinese companies about a sale of some upstream petrochemical assets. Without being specific, CEO Tom Crotty told UK media that the group, believed to be carrying a debt burden of GBP 6.4 bn (EUR 7.1 bn), has entered “preliminary” discussions with “several parties” that may lead to an equity deal. However, he said “there is no pressing need to do any deals, “given our current performance.”

Crotty also acknowledged talks with PetroChina about a stake in the Grangemouth refinery in Scotland. Reports from Beijing say PetroChina has confirmed the discussions.

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