Ineos 'in talks' over deal for new investor

CHEMICALS group Ineos was yesterday reported to be in talks with "several parties" regarding a deal which could see it bring a new investor on board or sell off assets.

It is thought that the suitors for indebted Ineos – which has its largest production facility at Grangemouth – include Saudi Arabian state-controlled chemicals company Sabic and Kuwait's Petrochemical Industries Company.

Ineos chief executive Tom Crotty was quoted as saying that talks were continuing with PetroChina, the state-owned firm that offered to take a partial stake in the Grangemouth refinery last year. Last summer Ineos struck a refinancing deal with lenders that pushed up its interest bill.