BP to sell over 50% of petrochemicals business and prepares for IPO BP announced that it plans to consolidate the Olefins and Derivatives (O&D) division of its petrochemicals business into a stand-alone entity able to operate separately from the BP Group. The new O&D business will incorporate more than half of the $13 billion…
Westlake Chemical Corporation files registration statement for Initial Public Offering Westlake Chemical Corporation announced that it has filed a registration statement with the Securities and Exchange Commission for a proposed initial public offering of its common stock. The number of shares to be offered and the price range for the offering have not yet…
Borealis to debottleneck PP plant & expand ethylene capacity in Norway Borealis announced its plans to debottleneck its PP plant at Rønningen. The company will also expand its Noretyl ethylene cracker capacity by 100,000 MT/year at its joint venture with Hydro Polymers. The two Norwegian projects will be completed in the autumn of 2005.…
Kazanorgsintez to triple PE capacity & add product capability using Univation’s capacity expansion technology Univation Technologies and Kazanorgsintez have signed an agreement enabling Kazanorgsintez to triple the capacity of two of its three existing UNIPOL™PE reactors and add breakthrough PE products to its manufacturing capabilities. The agreement will increase the two existing UNIPOL PE…
Dow Chemical to construct petrochemical complex in Oman The Government of the Sultanate of Oman, Oman Oil Company S.A.O.C. (OOC), and The Dow Chemical Company announced an agreement to form a joint venture that will design, build and operate a petrochemical complex in Oman. The joint venture will be owned 50% by Dow, 25%…
Dow introduces a new line of Affinity GA polyolefin plastomers for hot melt adhesives and polymer modification Dow Chemical Company announced the commercial launch of AFFINITY® GA Polyolefin Plastomers (POPs), a new line of highly versatile polyolefin polymers. Developed using Dow’s proprietary INSITE® Technology and Solution Process, AFFINITY GA POPs are the first products…
Russian polyolefins producer Lukoil is rumored to be the potential suitor for Basell Polyolefins Russian polyolefins producer Lukoil could bid for Basell. Shell and BASF announced their plans to review strategic options regarding their 50-50 joint venture, Basell. Rumors are that Lukoil was understood to have expressed an interest in Basell. It was also…
BASF and Shell review strategic options regarding their joint venture Basell BASF and Shell announced their plans to review strategic alternatives regarding their joint venture Basell, in which they both hold a 50 percent equity interest. The options being reviewed by the shareholders include the sale of their stakes and an equity market transaction.…
ExxonMobil & FujianPetrochemical to construct chemical complex Fujian Petrochemical Company Limited (a company owned 50 percent by China Petroleum & Chemical Corporation (Sinopec) and 50 percent by Fujian Government) (FPCL), ExxonMobil China Petroleum and Petrochemical Company Limited (ExxonMobil), and Aramco Overseas Company B.V. (Saudi Aramco) reached an agreement to jointly fund the front end…
Nova Chemicals announces profitable third quarter results NOVA Chemicals Corporation announced net income of $56 million ($0.60 per share diluted) for the third quarter of 2004. This compares to net income to common shareholders of $27 million ($0.30 per share diluted) in the second quarter of 2004. In the third quarter of 2003, NOVA…