22 September 2009 14:14 [Source: ICIS news]
LONDON (ICIS news)--Suggestions that Reliance Industries may take a stake in or acquire assets from bankrupt polypropylene (PP) giant, LyondellBasell, were played down by analysts in India on Tuesday.
“I don't understand this. Why acquire assets in the developed world today,” said one.
Media reports in ?xml:namespace>
US and other subsidiaries of LyondellBasell are under Chapter 11 bankruptcy protection. A rights issue is expected from the company in October as it puts together its plan to emerge from bankruptcy.
The media reports suggested that Reliance was expected to make a $3.25bn investment in LyondellBasell. Both companies declined to comment.
“I do not rule that Reliance may be participating but it would be better to buy some parts,” the analyst said “I am also not sure if the
“I remain sceptical about Reliance investing outside
Investment by Reliance in its oil and gas exploration and production (E&P) business was seen to provide more potential for growth.
Capital investment of between $10bn and $15bn would be required if all exploration blocks live up to expectations.
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections