What does Brenntag reorganisation in Germany mean?

German distributor Brenntag said this week it is establishing a new sales region in Southern Germany located in Nuremberg, Bavaria, effective July 1, 2009.“As a strategic step Brenntag GmbH, part of Brenntag Group, has terminated the Joint Venture Staub & Co. Chemiehandelsgesellschaft mbH. In addition Brenntag GmbH will take over the activities of Biesterfeld Chemiedistribution […]

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Czech chemicals report highlights Reach issue

A report just out on the state of Czech Republic’s chemical sector highlights the likely fallout from the president’s decision last August not to comply with the EU chemical regulation Reach. Companies such as Unipetrol face a conundrum. Whilst they do not need to comply with Reach domestically, any exports will need to comply with […]

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Iraq petrochemicals industry has a bright future?

Just found a fascinating article on the potential for chemical industry growth in Iraq. It is very difficult to get accurate information out of this country, so the report by the Global Arab Network, quoting the Iraqi National Investment Commission is well worth reading.It describes the country’s existing oil and chemical infrastructure and points out […]

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Turkey in the doldrums

According to today’s Wall Street Journal, Turkey’s economy shrank by 13.8% in the first quarter of 2009 compared to last year. This is an astonishing performance and is bound to have had a negative impact on demand for chemical products.Turkey has, historically, had a large polymer deficit and relies heavily on imports. With the long-delayed […]

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Russians beat Americans in European oil deal

Russian oil and chemical group Lukoil has stymied the US’ largest oil processing group Valero’s attempt to increase its presence in Europe, according to the Tehran Times, quoting Reuters. Lukoil acquired a 45% stake in a Dutch refining venture Vlissingen refinery from France’s Total for $725 m. It can process about 190,000 barrels a day. […]

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Rompetrol to issue shares for petchems

Looks like Romania’s Rompetrol is doing a big, new, share capital release in order to fund petrochemical developments. According to seenews.com, the group wants to raise E58.9m for petchems. Here are some exerpts from the story:“Rompetrol Rafinare (RRC), the operator of the Petromidia refinery, the most important asset of the Rompetrol group, controlled by Kazakh […]

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Brenntag responds to German cartel investigation

Today I spoke to Steve Holland, Brenntag Europe‘s CEO. He assured me the investigation (see earlier entry) is routine. He said the jv had been approved by competition authorities which now want to check that it meets the latest regulations. “When this jv was formed over 10 years ago it went to the German authorities […]

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Gas cuts kill Ukraine’s petrochemical sector

Fascinating new petrochemicals report out, seen on pr-inside.com which shows how badly the country’s industry was hit by the dispute with Russia over gas exports. It talks about a “collapse” in January. I remember someone at the ICIS team trying to get these figures at the time but we were told everything was just fine.Here […]

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Stormy meeting for Unipetrol?

Unipetrol, part of Poland’s PKN Orlen, has had a tough time of it in recent months. Political interference at head office in Poland means every time there is a change of government in Poland, a new set of managers are appointed at Orlen.This contributed to the resignation of Unipetrol’s CEO, Francois Vleugels, earlier this year. […]

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Sibur gives up plans for MBO

The Russian chemical major said today it will not relaunch plans for management buyout. According to ICIS news, its CEO Dmitry Konov ruled it out due to the recession. He said the $5.4bn deal is now “off the agenda”.I remember the last time Sibur managers tried to do an MBO, back in 2002. It all […]

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