INEOS, a producer of ethylene and propylene based chemicals, agreed to acquire the Ethylene Oxide & Derivatives business and production facility from LyondellBasell, a multinational chemical company, for $700m. "We are pleased to announce this strategic acquisition. INEOS is a leading producer in Europe and this significant step expands its Ethylene Oxide & Derivatives business into the US, which is the world’s largest market. It also complements our existing Ethanolamines production facility in Plaquemine, Louisiana. There is free land on the Bayport Underwood site for INEOS’ growth aspirations and it is an ideal location to develop our third-party business supporting customers to co-locate and integrate into an existing Ethylene Oxide & Derivatives platform. We look forward to welcoming the business, site and team of very professional and highly motivated people into the global INEOS group,” Tobias Hannemann, INEOS Oxide CEO.