ChemChina and Sinochem are consolidating their agricultural assets into a new holding company to be called Syngenta Group, ChemChina unit Syngenta said on Sunday. Chen Lichtenstein, current president and CEO of Shenzhen-listed crop protection company ADAMA, which will also be incorporated into the new group, will be nominated CFO of the newly formed Syngenta Group. … Read more
Sinochem Energy, a unit of China’s Sinochem Group, has agreed to sell a 20% stake to five state-owned firms for 11.56 billion yuan ($1.65 billion), Xinhua news agency reported. The financial investment arms of Agricultural Bank of China and Industrial Bank of China (ICBC), and Citic Securities Investment Co were the strategic investors, the official … Read more
China’s Rongsheng said on Tuesday it has started up the remaining units in the first phase of Zhejiang Petroleum & Chemical (ZPC) refinery complex, one of two new major refineries built in China in 2019. Located in east China’s Zhoushan city, the complex is now producing oil products and chemicals to commercial specifications, ZPC stated … Read more
Elkem ASA has entered into an agreement to acquire Polysil, a leading Chinese silicone elastomer & resins material manufacturer with strong positions in baby care and food grade silicones, as well as silicone products for the electronics and medical markets. The companies have agreed an enterprise value for Polysil of up to RMB 941 million … Read more
LyondellBasell has signed a Memorandum of Understanding to form a 50:50 joint venture with China Petroleum & Chemical Corporation (Sinopec), one of the largest integrated energy and chemical companies in China. Under the non-binding MoU, the JV will construct a new propylene oxide (PO) and styrene monomer (SM) unit in Zhenhai, Ningbo, China to serve … Read more
Hitachi Ltd said on Wednesday it would sell its listed chemicals business to electronic materials maker Showa Denko as the Japanese industrial conglomerate overhauls its business portfolio. Hitachi will sell its 51% stake in Hitachi Chemical for 494 billion yen ($4.51 billion) to Showa Denko. Hitachi Chemical is a supplier of materials for semiconductors, displays … Read more
Evonik’s joint venture with Chinese company Wynca – Evonik Wynca (Zhenjiang) Silicon Material Co., Ltd. has officially started the construction on a new fumed silica plant in Zhenjiang, Jiangsu Province, China. Together with the business partners, representatives from local government and media, Evonik and Wynca took part in a ground-breaking ceremony on December 10th in … Read more
LG Chem will be backed by South Korea’s state lenders with $5 billion in policy loans to finance its expansion in secondary battery factories across the world over the next five years as a part of the government push to promote battery business. LG Chem signed an agreement with Korea Development Bank, Export-Import Bank of … Read more
Honeywell announced that it will provide UOP’s C3 Oleflex technology to Shandong Binhua New Material Co to produce 600,000 MT per year of polymer-grade propylene for a proposed plant in China. Honeywell UOP will provide services, equipment, catalysts and adsorbents for the Shandong plant. The project marks the 25th award for C3 Oleflex technology in … Read more
Oil and Natural Gas Corp. (ONGC) has shelved its stake sale plans for ONGC Petro Additions Ltd (OPaL) unable to attract a strategic partner, Livemint reported. OPaL, a joint venture between ONGC (49.4%), GAIL (India) Ltd (49.2%) and Gujarat State Petroleum Corp. Ltd (1.4%), has set up a grass root mega petrochemical complex at Dahej, … Read more
The cost of oil and petrochemicals refinery project to be built jointly by Saudi Aramco and Abu Dhabi National Oil Co. (ADNOC) in India is expected to reach $70 billion, WAM news agency reported on Wednesday. A joint economic council between the United Arab Emirates and Saudi Arabia reviewed the planned plant on Wednesday at … Read more
Posco Chemical Co., a unit of South Korean steel giant Posco, will invest 125.4 billion won ($107.7 million) to ramp up annual production capacity of lithium-ion secondary battery anode materials to 66,000 tons to promptly respond to burgeoning demand from the electric vehicle market. The company said Monday that its board of directors approved its … Read more
Reliance Industries has confirmed plans to invest US$9.75 billion – or 700 billion Indian rupees – to build a crude-oil-to-chemicals complex at the company’s Jamnagar, India, site. Commenting, Afsar Hussain, Wood Mackenzie Senior Research Analyst, said: “The project will have a combined capacity to produce 8.5 million tonnes of ethylene and propylene, 3.5 million tonnes … Read more
BASF officially launched its smart Verbund project in Zhanjiang, Guangdong province, China, and commenced building its first plants. The project is estimated to cost US$10 billion as announced in July 2018. The first plants will produce engineering plastics and thermoplastic polyurethane (TPU) to serve the increasing needs of various growth industries in the southern China … Read more
Glenwood PE, a local private equity fund from S. Korea was selected the preferred bidder on Thursday to acquire a controlling stake in SKC Kolon PI Inc., a joint venture between South Korea’s SKC Co. and Kolon Industries Inc. that makes polyimide (PI) film. SKC and Kolon Industries said they’ve selected Glenwood PE as the … Read more
UPL Ltd, an Indian agrochemical company said it has entered into definitive agreements to acquire a majority stake in Yoloo Laoting Bio-technology Co. Ltd, an agrochemical firm based in China’s Heibei province, from Beijing Yoloo Bio-Technology Corp. Ltd. UPL will own 75% stake in Yoloo Laoting for RMB 93.33 million ($13.3 million). The remaining 25% … Read more
Celanese Corporation, a global chemical and specialty materials company, and Beijing Oriental Yuhong Waterproof Technology Co., Ltd., announced they have signed a comprehensive strategic cooperation and development agreement. The agreement aims to further expand cooperation in product research and development, expansion into emerging markets, and the advancement of industry, safety and environmental protection practices and … Read more
ADNOC (Abu Dhabi National Oil Co.) said Tuesday it signed an agreement with China’s Rongsheng Petrochemicals Co. to explore local and international opportunities which will support the delivery of its 2030 smart growth strategy. Both companies will look into opportunities for ADNOC’s sale of refined products to Rongsheng, downstream investments in both China and the … Read more
LG Chem announced on Thursday it has opened a technical service and development center in Osan, Gyeonggi Province, marking the country’s largest petrochemical technology center. The company invested 110 billion won ($94.8 million) in establishing the center, it said. The petrochemical tech center is part of LG Chem’s plan to boost its competitiveness in the … Read more
SIBUR and Tatneft have closed the sale and purchase of certain production and other assets that to date have been registered in the name of Sibur Togliatti and Togliattisintez legal entities. After the deal, Tatneft intends to further develop the acquired assets in line with its gas and petrochemical strategy, while SIBUR will concentrate efforts … Read more