Petrochemicals
US chemicals firm TPC to go private in $850mn deal
First Reserve director Neil Wizel said the investment firm plans to help TPC Group expand its core business to capitalize on shale plays in North America and the resulting increase in supply of natural gas and natural gas liquids. The deal is expected to close in the fourth quarter.
Olin buys caustic soda group KA Steel Chemicals
KA Steel, headquartered in Lemont, Illinois, is one of the largest distributors of caustic soda in North America and one of the leading bleach manufacturers in the Midwest. The purchase price for Olin was $328 million.
US chemical production flat, trending downward
According to the American Chemistry Council (ACC), the US Chemical Production Regional Index (US CPRI) slipped by 0.1% in July, following flat growth in June.
Uhde wins FEED work for Sibur PP plant in Russia
The 500,000 tpy plant is planned to be constructed in Tobolsk, Tyumen Region, in West Siberia. The plant will produce a wide range of high-quality polypropylene brands for use, for example, in textile and packaging applications as well as in the production of automotive body parts and consumer goods.
Petrobras picks Foster Wheeler for engineering on Brazil gas-to-chemicals project
Foster Wheeler will act as integrator for the entire complex. The project is expected to produce in excess of 1 million tpy of ammonia and urea fertilizers, methanol, acetic acid, plus formic acid and melamine, helping to reduce Brazil's imports of these products. Financial terms were not disclosed.
US chemical activity index nudges higher in August
The American Chemistry Council's chemical activity barometer grew by 0.4% from July and 1.1% from August 2011, reflecting gradual economic growth and several positive US industry trends. The CAB is a leading economic indicator derived from a composite index of chemical industry activity.
A Schulman acquires US compounder ECM Plastics
The deal is valued at $36.5 million and should close in September. "With ECM’s expertise in custom color matching, higher-value compounding and specialty additive formulations, we believe they are an excellent strategic fit as we continue to focus on niche products," said Joseph M. Gingo, Schulman CEO.
BASF joins collaboration to develop bio-acrylic acid
BASF, Cargill and Novozymes recently signed an agreement to develop bio-based technologies to produce acrylic acid from renewable feedstocks. The annual global market volume of acrylic acid is around 4.5 million tons, with a value of $11 billion at the end of 2011.
Reliance in talks to buy Malaysia PTA plant from BP
Executives from Reliance Industries and BP have held talks in Hong Kong about BP's purified terephthalic acid (PTA) plant in Malaysia, which has an annual capacity of around 610,000 tons, the Economic Times newspaper said, citing an unidentified investment banker. Financial terms were not yet known.
Mexichem eyes US ethylene venture with OxyChem
Mexichem said it signed a memorandum of understanding with OxyChem on July 30 to build a cracker that would produce 500,000 tpy of ethylene. Most of ethylene would be used by OxyChem at its plant in Ingleside, Texas, to produce 1 million tpy of vinyl chloride, a raw material used in the production of PVC.
- BASF supports European 1,4‑butanediol supply security through increased production in Ludwigshafen 2/16
- Vitol backs proposed $3-billion LNG power plant for South Africa's Durban port 2/16
- HAMR Energy receives additional funding for low-carbon liquid fuels projects 2/16
- Geoinform, subsidiary of the MOL Group, signs strategic cooperation agreement with Baker Hughes 2/16
- Hungary asks Croatia for help after Russian oil flows via Ukraine halted 2/16
- U.S. refiner Valero to import up to 6.5 MMbbl of Venezuelan crude in March 2/16
