Underpinning its strategic expansion plans, INEOS Olefins and Polymers has declared the acquisition of 50 per cent ownership of Sasol Chemicals North America in Gemini HDPE. The divestment worth USD 404 million is in line with Sasol’s motive for accelerating focus on its specialty chemical business. Intakes from the sale will assist Sasol to purge all its near-term duties. US Gemini is engaged in the toll manufacturing of bimodal HPDE ( High Density Polyethylene) including its film and pipe resins.
HDPE plant of Gemini with 460 KTPA capacity came on stream before three years in 2017. In support of the acquisition, CEO of INEOS O&P stated that the company is delighted to acquire 50 per cent of Sasol’s stake in Gemini. The new asset of HDPE plant will serve the company to cater to the increased demand for polyethylene in the regional market and will also enable them to strengthen its foothold in the rapidly expanding bimodal chemical sector. INEOS polymers are global leaders in providing a range of polymers across various downstream industries.
As per ChemAnalyst,” the divestment of Gemini’s HDPE division is a strategic move for both the companies, as it will enable Sasol to focus on specialty chemical business plans and will simultaneously assist the acquiring company INEOS to expand its foothold in the global Polyethylene market by catering to the increased international demand.”