Ineos Vinyls Italia (Venezia-Marghera / Italy) and Safi have signed a declaration of intent that would give Safi a minority stake in the PVC production company. Fiorenzo Sartor, Safi’s owner, will be given a seat on Ineos Vinyls Italia’s board of directors. As a result of the move, Ineos said the "continuity of PVC production is guaranteed." Neither the size of the stake, nor financial details of the deal were disclosed. According to reports last month, a consortium headed by Sartor intends to pay EUR 120m for the entire operating units of Ineos Vinyls Italia – see Plasteurope.com of 27.10.2008.

While Sartor’s cash injection has bought Ineos Vinyls Italia some time, an agreement still needs to be reached on the Syndial chlorine production in Porto Marghera and in Assemini in Sardinia. Ineos and Eni have still not overcome their differences regarding the modernisation and financing of the production lines (see Plasteurope.com of 08.01.2007).