South Korea’s HD Hyundai and Lotte Chemical have submitted a plan to the industry ministry on restructuring their petrochemical businesses, the companies said in separate regulatory filings on Wednesday. Under the...
Manali Petrochemicals to sell UK subsidiary Notedome Ltd to Italian firm
Manali Petrochemicals Limited on Thursday announced divestment of its step-down UK subsidiary, Notedome Ltd, to Italian chemical specialities firm Chimica Organica Industriale Milanese (COIM). In a stock exchange...
Aramco completes deal to up stake in struggling JV Petro Rabigh
Saudi Aramco said on Thursday it had completed the acquisition of a 22.5% stake in its refining and petrochemicals joint venture Petro Rabigh from Japan’s Sumitomo Chemical for 2.63 billion riyals ($701.8...
Berkshire in talks to buy Occidental’s OxyChem for about $10 billion, WSJ reports
Warren Buffett’s Berkshire Hathaway is in talks to buy Occidental Petroleum’s OxyChem petrochemical unit for about $10 billion, the Wall Street Journal reported on Tuesday citing people familiar with the...
ADNOC, OMV agree to merge petchem firms to create $60 billion giant
Abu Dhabi National Oil Company and Austria’s OMV will merge their polyolefin businesses to create a $60 billion chemicals powerhouse, the companies said, as the Gulf state oil firm advances its aggressive growth...
Abu Dhabi’s ADNOC makes new bid for stake in Brazil’s Braskem; shares soar
Brazilian petrochemical producer Braskem said Abu Dhabi oil company ADNOC has presented a new non-binding offer to buy conglomerate Novonor’s stake in the firm. Novonor, formerly known as Odebrecht, is...
Hengli Petrochemical subsidiary eyes nearly $2 bln restructuring
Chinese independent refiner and petrochemicals producer Hengli Petrochemical has agreed to restructuring deals worth a total of up to $1.89 billion for its subsidiary Kanghui New Material Technology, filings showed on...
UK-based INEOS agrees to buy 50% of Sinopec’s Tianjin petchem plant
UK-based chemical and energy group INEOS has agreed to acquire a 50% stake in a petrochemical project in north China owned by China’s Sinopec Corp, the two companies said on Wednesday. The Tianjin Nangang Ethylene...
Manali Petrochemicals completes acquisition of Penn Globe Ltd
Manali Petrochemicals Ltd, an integrated manufacturer of polyols, has ‘closed the acquisition of United Kingdom-based Penn Globe Ltd, a market leader in foam control agents, for an enterprise value of GBP 21...
Mubadala expected to complete sale of 25% stake in OMV’s Borealis
Abu Dhabi sovereign wealth fund’s Mubadala is expected to complete the sale of its 25% stake in petrochemicals group Borealis (BESGR.UL), the chief executive of the plastic maker’s majority owner OMV said on...
RIL may be lone bidder for JBF Petrochem, which defaulted on Rs 5K-cr loan
Reliance Industries (RIL) is likely to be the lone bidder for Mangalore-based JBF Petrochemicals, which is up for sale after defaulting on bank loans worth Rs 5,000 crore. The lenders for the second time extended the...
Brazil’s Braskem receives three acquisition offers, says newspaper
Brazilian petrochemical company Braskem received three separate offers to be partially or wholly acquired, said local newspaper Valor Economico on Friday, citing sources familiar with the matter. The offers were made by...
