INEOS, a producer of ethylene and propylene based chemicals, completed the acquisition of the Ethylene Oxide & Derivatives business and production facility from LyondellBasell, a multinational chemical company, for $700m. “We are pleased to complete this strategic acquisition in the U.S. INEOS Oxide is a leading producer in Europe and this significant step expands our 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 available land on the Bayport site for INEOS’ growth aspiration. 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 incorporating the business, site and team of very professional and highly motivated people within the global INEOS group," Tobias Hannemann, INEOS Oxide CEO.