Saudi Aramco is looking to restructure its deal to acquire a controlling stake in petrochemicals maker SABIC after a more than 40% drop in SABIC’s value following a slump in oil prices in coronavirus pandemic, two...
OMV AG in talks to buy 39% stake in Borealis from Mubadala for $4.68 bn
Austria’s OMV AG is in talks to buy a $4.68 billion stake in Borealis AG, a potentially record-breaking acquisition that would shift the state-controlled energy company’s focus to petrochemicals. Taking over the maker...
Aramco to win unconditional EU clearance for $69 billion SABIC deal – sources
World No. 1 oil producer Saudi Aramco is set to gain unconditional EU antitrust approval for its $69 billion buy of a 70% stake in petrochemicals group Saudi Basic Industries Corp (SABIC), people familiar with the...
ONGC shelves plan to sell stake in OPaL
Unable to attract a strategic partner for ONGC Petro Additions Ltd (OPaL), Oil and Natural Gas Corp. has shelved its stake sale plans for the petrochemical unit, said two people aware of the development, requesting...
Haldia Petrochem makes fresh bid for Nagarjuna refinery
Kolkata-based Haldia Petrochemicals has filed a fresh bid for the oil refinery of Nagarjuna Oil in Tamil Nadu’s Cuddalore district, a coastal plant facing liquidation that may be turned around into a large petrochemical...
Mexico’s Alpek inks deal to buy UK plant from Lotte Chemical
Mexican petrochemical company Alpek, a unit of conglomerate Alfa, has signed a deal to fully acquire a British plant from Lotte Chemical UK Limited, Alpek said in a statement on Tuesday. The plant, a unit of South...
Odebrecht hires Lazard to sell its stake in Brazil’s Braskem: report
Brazilian conglomerate Odebrecht SA has hired investment banking unit of Lazard to sell its stake in the petrochemical company Braskem SA, news website Brazil Journal reported on Friday. Preferred shares in Braskem...
Haldia Petrochemicals to invest Rs 8 K-cr more on naphtha cracker, PP units
West Bengal-based Haldia Petrochemicals Ltd (HPL) has pledged to invest Rs 8,000 crore more on a naphtha cracker unit and polypropylene (PP) facility in Odisha. The fresh investments are over and above the Rs 70,000...
Chevron Phillips Chemical in bid to acquire Nova Chemicals – sources
Chevron Phillips Chemical Company, a joint venture between Chevron Corp and Phillips 66, has offered to acquire Nova Chemicals Corp for more than $15 billion including debt, people familiar with the matter said on...
LyondellBasell ends talks with Odebrecht to buy Braskem
Shares in petrochemical producer Braskem were down 20 percent in pre-market trading in Sao Paulo after petrochemical giant LyondellBasell Industries NV on Tuesday said it had ended talks with Braskem SA’s controlling...
SABIC says challenges remain, views Aramco deal positively
Saudi Basic Industries Corp (SABIC) expects to face challenges this year due to uncertainty over the impact of a global trade war on the United States and China, its major markets, the company’s chief executive said on...
Saudi petrochemical giant has team scouring world for M&A deals
Saudi Basic Industries Corp. is targeting acquisitions and partnerships with oil majors as the petrochemicals giant seeks to expand in faster-growing markets such as China and India, according to Chief Executive Officer...
