BP buys out Solvay PE and links with Nova in PS.(Materials Marketplace)

BP is steadily tying up the loose ends of its commodity polymers business prior to disposing of them in a flotation of its olefins and derivatives interests expected later next year. The joint venture with Solvay in polyethylene is being dissolved, with BP buying Solvay's half, and BP's polystyrene business is to be merged with Nova Chemicals' European polystyrene business with BP's half packaged in with the olefins and derivatives business.

The polyethylene JV was set up in 2001 as part of a two-pronged deal in which BP also swapped its engineering plastics business fo