BP has announced plans to launch Innovene : a petrochemicals and fuels company at the start of April. The new company will be headquartered in Chicago and be located at 26 principal sites around the world. Innovene will be formed as a separate entity within the BP Group, with more than US$9 billion in assets and US$15 billion in third-party sales globally. Innovene's major manufacturing sites will include Grangemouth in Scotland, Lavera in France, Cologne in Germany, Lima, Chocolate Bayou and Green Lake in the US. Innovene will be among the five largest petrochemical companies in the world, with global production of more than 15 million tpa of petrochemicals.