Petrochemicals
Naphtha surges as cold Asia weather pulls LPG to heating
SINGAPORE (Reuters) -- Asia's naphtha demand has surged since late 2016 as petrochemical makers are turning to the product after supplies of cheaper alternative LPG were consumed by heating demand amid cold regional weather.
Shell to sell stake in Sadaf Chemicals JV in Saudi Arabia to SABIC
Shell and SABIC have signed an agreement whereby SABIC will acquire Shell’s 50% share in the petrochemicals SADAF JV, located in Jubail, Kingdom of Saudi Arabia for $820 million. The SADAF joint venture encompasses six world-scale petrochemical plants with a total output of more than 4 million metric tons per year. This announcement marks an early termination of the joint venture agreement which was due to expire in 2020.
Pennsylvania town approves construction of Shell petrochem facility
(Reuters) -- The town council of Potter, Pennsylvania unanimously approved a conditional use permit late Wednesday allowing a unit of Royal Dutch Shell PLC to move forward with construction of a multibillion-dollar petrochemical complex near Pittsburgh.
Saudi petchem giant SABIC's profit jumps as industry recovers
RIYADH (Reuters) -- Saudi Basic Industries Corp (SABIC), one of the world's largest petrochemicals groups, gave further evidence of a recovery in the sector on Thursday with its first profit rise in ten quarters.
Lotte Chem looking into acquiring Singapore's Jurong Aromatics
SEOUL (Reuters) -- Lotte Chemical Corp is looking into acquiring troubled Singapore petrochemical company Jurong Aromatics Corp, as the South Korean company continues to push for growth.
RPM acquires manufacturer of specialty chemicals for infrastructure industry
MEDINA, Ohio -- RPM International Inc. announced that it has acquired Prime Resins to be part of its USL Group. Prime Resins is a manufacturer of specialty chemicals and equipment for infrastructure construction and repair.
Arkema upgrades its Texas acrylics facility
Arkema is investing $90 million on its Clear Lake, Texas site to replace existing acrylic acid production units with modern facilities using available technologies.
Linde to supply methane, hydrogen to Evonik's methionine complex in Singapore
SINGAPORE -- Linde Gas Singapore, a member of technology company The Linde Group, announced that it has signed a long-term contract to supply methane and hydrogen to Evonik Methionine SEA's second world-scale methionine complex in Singapore (Me6). Linde is already supplying a range of gases to Evonik's first methionine complex in Singapore (Me5) through its on-site gases facility, which began operations in 2014.
Advent-led GTM buys Brazil chemical firm quantiQ for $172 MM
SAO PAULO (Reuters) -- GTM Holdings SA, Latin America's No. 1 independent distributor of chemical products, has agreed to pay $172 million for Brazilian peer quantiQ Distribuidora Ltda, in an effort to gain more foothold in the region's biggest country.
Axens takeover bid on Heurtey Petrochem successful
Axens announces the successful outcome of its tender offer on the Heurtey Petrochem shares. The results of this offer were published by the Autorité des marchés financiers (the AMF, the French capital market regulator).
- Trafigura to use Babcock's ammonia fuel supply system onboard gas carriers 7/7
- Lotte Chemical Titan secures $3-B ethylene supply deal in Indonesia 7/7
- Diesel East-West price spread nears 1.5-yr high amid supply concerns West, stable East 7/7
- U.S. Gulf Coast fuel oil imports at record low as refiners opt for heavier crude 7/7
- Shell flags profit hit from weakness in gas trading and chemicals business 7/7
- Transition Industries signs agreements for the Pacifico Mexinol Project, an ultra-low carbon chemical production facility 7/3
