Archive | June, 2010

China’s Wanhua gains big stake in BorsodChem

China’s Wanhua Industrial Group may soon be the owner of Hungary’s struggling PVC maker, BorsodChem. Wanhua has become a 38% shareholder in BorsodChem following the approval of the latter firm’s financial restructuring by its senior and mezzanine lenders, according to ICIS news.As well as the stake, Wanhua, the largest isocyantes producer in Asia, acquired a […]

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Belarus gas cuts hit chemicals industry

The spat between Russia and Belarus is leaving many in the chemical industry in central and eastern Europe feeling very nervous. Fertilizer producers, in particular, rely on natural gas as a feedstock. And yesterday, Belarusian fertilizer producer Grodno Azot warned that it could be forced to shut down following the natural gas supply cuts from […]

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For sale and sold sign

Poland extends privatization deadline to 23 July

There is now more breathing space for bidders wanting to buy a stake in Poland’s ZAP chemical plant in Puławy and Zakłady Chemiczne Police.According to the Polish Treasury has extended until July 23 the deadline for investors planning to place initial offers for the purchase of ZAP and Police, the Treasury has said in […]

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Sale sign.jpg

Russia’s Madura sells off controlling stake in Uralkali

Russia’s Madura Holding has sold a controlling stake in Uralkali, sources at the potash producer said on Tuesday. According to ICIS news, Madura sold 53.2% of Uralkali’s shares to Kaliha Finance Limited, Aerellia Investments Limited and Becounioco Holdings Limited.In 2007, Uralkali became the first Russian chemical company to go public when it successfully listed its […]

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Meddling Hungary government seeks to cut MOL’s ties to Russia

I’ve been writing about Hungary’s chemical sector for around a decade, observing with fascination the efforts of Russian energy and chemical companies to gain a foothold there. BorsodChem, MOL and its petrochemical subsidiary TVK have all been the targets of more or less surreptitious efforts, often by Russian companies operating through subsidiaries or holding companies […]

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Lit burner on gas stove

Qatar’s North Field gas moratorium might never be lifted?

Petrochemical projects all over the Middle East depend on availability of ethane. In particular, any further developments long term at Ras Laffan in Qatar and at Borouge 3 in Abu Dhabi are dependent on further gas allocations.So I read with interest a piece on the informative Global Arab Network which suggests the moratorium might never […]

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Poland’s ZAP ups bid for majority stake in Anwil

After Anwil’s majority owner PKN Orlen dug its heels in over the price, Zaklady Azotowe Pulawy (ZAP) has decided to up its bid to between zloty (Zl) 1.4bn-1.8bn ($417.9m-$537.3m, €340.6-€438.0m).An improved offer increased the probability that ZAP could conclude a deal for Anwil before the negotiating deadline of 30 June at a price likely to […]

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