Ineos Nova owner in talks over Gulf cash injection: reports

Tom Crotty, chief executive of Ineos, told The Sunday Times that “preliminary” discussions were taking place but did not confirm the identity of the potential suitors.

“We are in talks with several parties that may lead to us bringing someone in, either as an equity partner in the group or on certain assets,” he said.

Switzerland-based Ineos Nova was founded as Nova Innovene in 2005 but expanded into a global joint venture with Ineos in October 2007.

Crotty also told the newspaper that negotiations were ongoing with PetroChina, the state-owned company that offered to take a stake in Ineos’s Grangemouth refinery last year.

“We are looking at opportunities for value creation and a partner that may bring something new and different to the business,” he said.

Hampshire-based Ineos is reported to be carrying £6.4bn in debt, with sales of £31bn and 15,000 staff.

It said in a statement earlier this month that it was considering moving its headquarters from the UK to Switzerland to reduce its tax bill.

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