Ineos enters the Port of Bilbao via Befesa

20 January, 2016

The British firm completes the acquisition of the sulphuric acid plant inaugurated in 2012 and praises the good port logistics.

The Port of Bilbao has become one of the key focal points for attracting industrial investment into the Basque Country and this is the context in which the British chemical company Ineos Group has completed its purchase, announced in mid-December, of the sulphuric acid plant from Befesa Valoración de Azufre (BVA), located on dock AZ-1 of the outer port.

Ashley Reed, CEO INEOS Enterprises, said that the Basque plant, “one of the most modern in Europe”, is “ideally situated to competitively source raw materials and to serve the domestic market, with excellent access to export markets”, precisely because of its location on the dockside.

Befesa, which was sold to Triton, a private equity investment firm, by Abengoa in 2013 for 1.075 billion euros, invested some 70 million euros in the plant, which acts as an indicator of the transaction starting price, since neither party has revealed the cost of the operation.

Befesa Valoración de Azufre (BVA) is a facility that operates 24/7 with a workforce of about 35 people and has the capacity to process 120,000 tonnes of sulphur annually.

This sulphur, which can be obtained from the petroleum refining process, is used to produce up to 350,000 tonnes of sulphuric acid and oleum (a compound rich in SO3). This operation helps to offer a more efficient, sustainable and safer way of managing the environmental impact of oil companies.

 

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