Ineos In Talks with ConocoPhillips

Ineos In Talks with ConocoPhillips
Ineos confirms it is in talks with ConocoPhillips after a spokesperson for the U.S. headquartered independent confirmed last week that the company is marketing its UK assets.

Ineos is in discussion with ConocoPhillips.

That’s what an Ineos spokesperson told Rigzone when asked to confirm reports that Ineos had entered talks with the U.S. headquartered independent to buy its UK assets.

“I can confirm that INEOS is in discussion with ConocoPhillips. Unfortunately, I cannot provide more information at this time,” the spokesperson said.

Last week, a ConocoPhillips spokesperson confirmed to Rigzone that the company is marketing its UK assets after receiving an unsolicited offer.

The spokesperson for ConocoPhillips stated at the time however that “if offers do not meet the company’s expectations for value, ConocoPhillips will retain the assets.”

The ConocoPhillips spokesperson said last week that the company won’t comment on any further details about the process.

In the UK ConocoPhillips is the operator of, or has interests in, the Britannia, Britannia Satellites, Judy/Joanne, Jade, Jasmine, CMS, Galleon, LOGGS, Saturn Unit, V-Fields, Victor, Viking, Calder, Darwen, Crossens, Asland, Millom, Dalton, Clair and Nicol assets, according to the company’s website.

ConocoPhillips also has interests in the Rivers Terminal at Barrow-in-Furness, the Teesside Oil Terminal at Seal Sands and the Theddlethorpe Gas Terminal at Mabelthorpe, according to its website.

Ineos describes itself on its website as a global manufacturer of petrochemicals, speciality chemicals and oil products.

The company has six oil and gas businesses comprising Ineos Oil & Gas UK, Ineos Oil & Gas Denmark, Ineos Oil & Gas Norway, Ineos FPS, Ineos Shale and Ineos Trading & Shipping, as well as an automotive business and several petrochemicals businesses, according to its website.


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