Polyolefin producers announce first-quarter earnings Dow Chemical Dow Chemical Company reported total sales of $11.7 billion for the first quarter of 2005. The sales were 25% higher compared to the first quarter of 2004. Net income climbed to $1.4 billion from $469 million in the first quarter of last year and earnings per share…
Private equity firms Access Industries and The Chatterjee Group to acquire Basell The long protracted and much-speculated sale of Basell was finalized. The investment group led by New York-based The Chatterjee Group, along with the New York-based Access Industries acquired the assets and operations of Basell for approximately $5.7 billion US Dollars. It is…
Formosa Plastics Plans Initial Public Offering Formosa Plastics Group announced its plans to merge four US units and sell shares in the combined entity in an Initial Public Offering. The IPO will combine PVC/polyolefins maker Formosa Plastics Corp. USA with plastic pipe producer J-M Manufacturing Co. Inc. and Nan Ya Plastics Corp. The company…
Innovene and Delta Oil to explore petrochemical investment in Saudi Arabia Innovene, BP’s petrochemicals and refining subsidiary, and Delta International, a leading Saudi-owned independent development company, announced the signing of a Memorandum of Understanding (MOU) for a major investment in Saudi Arabia’s petrochemical sector. The memorandum marks the beginning of negotiations between Innovene and…
Reliance group owners split the assets – Anil Ambani to get RIL and Mukesh Ambani to get Reliance Infocomm Reliance Industries owners Ambani brothers reached an ‘amicable’ settlement of the ownership dispute of Reliance group under which elder brother Mukesh will retain Reliance Industries Limited (RIL) and its Petrochemical venture IPCL while Anil gets…
The Chatterjee Group to Pull out of Basell Deal The Chatterjee Group has pulled out of the Basell acquisition. Access Industries will buy Basell through its Nell acquisition unit for $5.2 billion, including debt. BASF and Shell said that they agreed to sell Basell to a group led by Access, which included the Chatterjee…
Lukoil-Neftekhim to construct polypropylene plant in Russia based on UNIPOL® process from Dow The Dow Chemical Company and LUKOIL-Neftekhim announced that LUKOIL and Dow’s subsidiary, Union Carbide Chemicals & Plastics Technology Corporate, have signed a license agreement for Stavrolen to use UNIPOL™ PP process technology from Dow for a new polypropylene plant at Budennovsk,…
Dow Chemical and Westlake Chemical announce 2nd quarter earnings Dow Chemical Company Dow Chemical reported sales of $11.5 billion for the second quarter of 2005, a 16% increase compared with the same period in 2004. Net income rose 85% to $1,265 million, and earnings per share were $1.30, an increase of 81% compared with…
Total Petrochemicals to invest in polyolefin– increase in PP capacity Total Petrochemicals announced its plans to increase its polypropylene (PP) capacity significantly. Total will build a PP line at its La Porte, TX site or at another, undisclosed location, with a minimum capacity of 300 KT by 2008 or 2009. The company is planning…
Basell and Braskem sign Spherilene® process development agreement Basell Polyolefine GmbH and Braskem S.A. announced the signing of a cooperation agreement for the development of polyethylene grades produced using Basell’s proprietary Spherilene gas-phase technology. Under the agreement, joint development of new and improved Spherilene polyethylene resins will be carried out in Brazil at Braskem…