Borealis has announced it will not go ahead with plans to sell its nitrogen fertilizer business to Russian-owned, Swiss-based fertilizer producer EuroChem. The deal is among many other European chemicals agreements that have been cancelled due to the Russian invasion of Ukraine. The proposed binding offer of €455 million was unveiled in early February, and … Read more
Advanced Petrochemical Co. has announced that Advanced Polyolefins Industry Co., a subsidiary company, has signed a loan agreement with the Saudi Industrial Development Fund (SIDF). The loan agreement is valued at 3 billion Saudi Riyals ($800 million), and comes as a completion of the procedures and requirements stipulated by SIDF in the conditional loan approval. … Read more
Agro-chemicals major UPL Ltd said it will sell 49.98 per cent equity in its non-operational subsidiary firm Agri Net Solutions Ltd (ANSL) to promotor group entity Nerka Chemicals for Rs 17.5 million. UPL, in a regulatory filing, said it will offload the stake for a consideration of Rs 17.5 million and the deal is expected … Read more
Indian refiner Nayara Energy, part-owned by Russian oil giant Rosneft, could likely delay its planned petrochemicals expansion as a result of Western sanctions in response to Russia’s invasion of Ukraine, industry executives with knowledge of the matter said. Rosneft owns a 49% stake in Nayara Energy, which operates a 20 million tonnes a year refinery … Read more
India Glycols Ltd., a chemicals manufacturer based in India announced its results for the third quarter ended December 31, 2021. Q3 Results- QoQ The company’s net profit declined 35.6% to Rs 240.1 million for the period ended December 31, 2021 as against net profit of Rs 372.8 million for the previous quarter. Net sales grew … Read more
Borouge, a joint-venture between The Abu Dhabi National Oil Company (ADNOC) and Borealis Group AG (Vienna, Austria), has announced the successful start-up of its new fifth polypropylene unit (PP5) in Ruwais. The new unit will contribute to boosting the UAE’s production of polypropylene to meet the growing global demand for manufactured products in the recyclable … Read more
India’s Bodal Chemicals is in advance negotiations to buy Chlor-Alkali business of Mawana Sugars as the Delhi-based firm looks to focus on its core sugar business, according to a report by ET. The transaction will value Mawana Sugars’ Alkali business between Rs 2.5-3.5 billion, multiple sources close to the transaction told ET. Mawana Sugars, part … Read more
DCW Ltd., a chlor-alkali chemicals manufacturer based in India announced its results for the third quarter ended December 31, 2021. Q3 Results- QoQ The company’s net profit grew 35.7% to Rs 266.86 million for the period ended December 31, 2021 as against net profit of Rs 196.72 million for the previous quarter. Net sales grew … Read more
Tata Chemicals Ltd., a leading chemicals manufacturer based in India announced its results for the third quarter ended December 31, 2021. Q3 Results- QoQ The company’s net profit grew 40.3% to Rs 3.1 billion for the period ended December 31, 2021 as against net profit of Rs 2.21 billion for the previous quarter. Net sales … Read more
Atul Ltd., a leading chemicals manufacturer based in India announced its results for the third quarter ended December 31, 2021. Q3 Results- QoQ The company’s net profit grew 6% to Rs 1.55 billion for the period ended December 31, 2021 as against net profit of Rs 1.46 billion for the previous quarter. Net sales grew … Read more
Chemplast Sanmar Ltd., a chloralkali manufacturer based in India announced its results for the third quarter ended December 31, 2021. Q3 Results- QoQ The company’s net profit grew 56.5% to Rs 2.37 billion for the period ended December 31, 2021 as against net profit of Rs 1.51 billion for the previous quarter. Net sales decreased … Read more
DCM Shriram Ltd., a chloralkali manufacturer based in India announced its results for the third quarter ended December 31, 2021. Q3 Results- QoQ The company’s net profit grew 121.4% to Rs 3.49 billion for the period ended December 31, 2021 as against net profit of Rs 1.57 billion for the previous quarter. Net sales increased … Read more
Maire Tecnimont S.p.A. announces that its subsidiary Tecnimont S.p.A. has been awarded an Engineering, Procurement and Construction (EPC) contract by Covestro for a new aniline plant in Antwerp, Belgium. Covestro is one of the world’s leading polymer companies, focusing on the manufacturing of high-tech polymer materials and the development of innovative, sustainable solutions for products … Read more
Grasim Industries has commissioned caustic soda projects at Rehla, Jharkhand and Balabhadrapuram, Andhra Pradesh. The ongoing expansion project at Rehla has been completed and the company has successfully commissioned Phase-II of the expansion project — 80 tons per day (tpd) caustic soda lye at Rehla, taking overall caustic soda lye capacity of Rehla unit to … Read more
Novatek and Uniper signed a term sheet on the long-term supply of large volumes of low-carbon ammonia. These supplies will be delivered to Uniper’s markets in Germany and North-West Europe. Novatek is developing a major low-carbon ammonia production facility on the Yamal Peninsula in northwestern Siberia, making use of the vast local gas reserves. Carbon … Read more
Methane pyrolysis technology company Monolith, a leader in clean materials production, has received conditional approval for a $1.04-billion loan from the US Department of Energy (DOE). Established via the Title XVII Innovative Energy Loan Guarantee Program, the loan will allow Monolith to expand its clean hydrogen and carbon black production facilities in Hallam, Nebraska. Monolith … Read more
BASF SE has announced that the implementation of the methylene diphenyl diisocyanate (MDI) capacity increase program for BASF’s Verbund site in Geismar, Louisiana, is progressing on schedule. Over time, BASF plans to double the capacity from 300,000 metric tons per year to approximately 600,000 m.t./yr. “This investment in the attractive North American MDI market strengthens … Read more
Smartchem Technologies Ltd. (STL), a 100% subsidiary of Deepak Fertilisers and Petrochemicals Corporation Ltd. (DFPCL), said it would invest ₹ 22 billion to set up a technical ammonium nitrate (TAN) complex at Gopalpur Industrial Park in Odisha. The ground-breaking and foundation-laying ceremony was held on Thursday. The project is located at Tata Steel Industrial Park, … Read more
Reliance Industries (RIL) announced its first investment in West Asia with Abu Dhabi Chemical Derivatives Company RSC (TA’ZIZ). According to a RIL statement, the two have agreed to launch TA’ZIZ EDC & PVC, a chemical production partnership at the TA’ZIZ Industrial Chemicals Zone in Ruwais, Abu Dhabi. “The new joint venture (JV) will construct and … Read more
GHCL announced that it entered into a business transfer agreement for divestment of its Home Textiles business to lndo Count Industries. The company said it expects to realise a consolidated sum of Rs 5.96 billion from the divestment of its business. As per the deal, the company will transfer its Home Textiles business for a … Read more