BP has announced that the name of its new olefins and derivatives subsidiary will be Innovene.
Innovene will be formed as a separate entity within the BP Group in April, with more than $9 billion in assets and $15 billion in third-party sales globally. The new company will be headquartered in Chicago and have more than 8,500 employees at 26 principal sites around the world.
"Innovene combines the best in our BP heritage with the focus and discipline of being independent. Our new name speaks to our aspiration to challenge ourselves and the status quo in our sector," said Ralph Alexander, CEO. "Like BP, we are a truly global company, with major operations in Asia, North America and Europe."
The choice of name for Innovene was built upon interviews and research conducted among the company's employees, customers and industry analysts worldwide.
Innovene will be among the five largest petrochemical companies in the world and a Fortune 150-scale company, with global production of more than 15 million tonnes of petrochemicals a year.