WASHINGTON -(Dow Jones)- Innovene Inc., the petrochemical unit of U.K. oil giant BP PLC (BP), filed an initial public offering Monday to sell up to $1 billion in common stock, according to a Form S-1 filed with the Securities and Exchange Commission.

All of the shares will be sold by BP PLC, and Innovene won't receive any of the net proceeds from the sale of these shares, according to the registration.

No details about the number of shares to be offered or an estimated price range for the IPO were disclosed in the registration.

Goldman, Sachs & Co., Morgan Stanley, Lehman Brothers and UBS Investment Bank were listed as underwriters for the offering.

The company said it intends to list its common stock on the New York Stock Exchange under the trading symbol INV.

For the six months ended June 30, the Chicago-based company posted a net income of $543 million , compared with $38 million for the same period in 2004.

The $1 billion valuation for the IPO was estimated solely for calculating the registration fee, the filing said. Often, the eventual price terms of an IPO differ substantially from the valuation in the first registration.

-By Denise Jia, Dow Jones Newswires; 202-862-1359; denise.jia@dowjones.com

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