French energy major TotalEnergies has signed a deal with INEOS to realign stakes in their jointly owned petrochemical production assets and logistics infrastructure.

The agreement will see INEOS, a UK-based chemicals company, purchase Naphtachimie, Gexaro, Appryl and 3TC, which are currently 50-50 joint ventures between the companies, at Lavera in southern France.

Financial terms of the transaction were not disclosed.

With an annual capacity of 720,000 tonnes of ethylene, Naphtachimie operates one of the biggest steam crackers in Europe.

Gexaro, an aromatics company, has an annual capacity of 270,000 tonnes per annum (tpa), while Appryl, a polypropylene company, has an annual capacity of 300,000tpa.

3TC stores the naphtha feedstock for the Naphtachimie steam cracker.

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By GlobalData

The agreement also includes several other infrastructure assets including the southern stretches of TotalEnergies’ ethylene pipeline network, which runs from Lavéra to the area around Lyon.

TotalEnergies Refining Base Chemicals Europe senior vice-president Jean-Marc Durand said: “This operation allows us to strengthen the links between our Feyzin and Carling petrochemical sites, with Feyzin becoming Carling’s integrated ethylene supplier, in line with our strategy to focus on our integrated platforms.”

Through the agreement, INEOS Olefins and Polymers South will fully integrate the petrochemical companies, assets and infrastructure of Naphthachimie, Gexaro and Appryl.

INEOS Olefins & Polymers South CEO Xavi Cros said: ​”This is a major step forward for the INEOS French and South European businesses. The acquisition will allow us to fully integrate these assets and enhance the competitiveness of our offer.

“At the same time our goal is to continue to invest in them, including CO₂ reduction to meet our Net Zero 2050 commitment.”

Subject to regulatory approval and consultation, the deal is expected to complete by the end of 2023.