by Paul Hodges Today’s 419 point fall on the Dow Jones Average, and $6/bbl fall in WTI crude oil prices, may not be just another example of the wild volatility that has come to seem normal in financial markets. It may also mark the end of an era. Since 1994, the US Federal Reserve has […]
Asian Chemical Connections
Consolidation Thai style
By Malini Hariharan The long-awaited merger between PTT Chem and PTT Aromatics (PTTAR) was finally announced last week. A presentation made to financial analysts gave details on what the merged entity will look like, planned synergies and opportunities for growth. The new company with a total petrochemical capacity of 8.261m tonnes/year and petroleum products capacity […]
What’s next for PetroChina and Ineos?
By Malini Hariharan After months of talks, PetroChina finally signed a framework agreement with Ineos for partnerships in refining, trading and petrochemicals at Grangemouth in Scotland and Lavera in France. The companies will be working towards the formation of these ventures by end-June 2011. PetroChina’s parent China National Petroleum Corp (CNPC) and Ineos also signed […]
Honam Set For Further Buys After Titan Deal
The layout of the Pasir Gudang complex Source of picture: Titan Chemicals By John Richardson and Malini Hariharan HONAM Petrochemical’s plan to buy Malaysia’s Titan Chemicals for $1.5bn – which was announced today – is likely to be followed by further buys, including a refiner, an industry observer has told the blog. “I am […]
Chinaplas: Optimism, consolidation, new plant start-ups and more
By Malini Hariharan Chinaplas has just concluded and my colleagues have filed some great reports from Shanghai. Worries about a margin squeeze in the second half of the year persist but polymer producers seem to be increasingly confident about long-term growth prospects. The chairman of the China Plastics Processing Industry Association (CPPIA) talked of the […]
What’s next for Reliance?
By Malini Hariharan Reliance Industries appears to have hit the end of the road in its quest for LyondellBasell which has filed its own restructuring plan, rejecting a $14.5bn Reliance offer. LyondellBasell has said the Reliance offer was not “sufficiently valuable to abandon” its amended reorganisation plan. “The proposal…did not assure a higher overall value […]
M&As – value creation or destruction?
By Malini Hariharan The current slowdown in M&As is perhaps for the best as according to a recent report by Alembic Global Advisors the chemical industry has a track record of value destroying M&A activity. The study, which looked at deals of over $500m since 1990, evaluated M&As on stock performance, return on capital, operating […]
Reliance makes it next move in quest for LyondellBasell
By Malini Hariharan It is not surprising to read that Reliance Industries has raised its offer for LyondellBasell by $1bn to $14.5bn. The blog had been told last month that a higher offer was one of the strategic moves that Reliance would have to make. The Wall Street Journal reports the new Reliance offer would […]
Braskem makes its first US move; acquires Sunoco PP assets
By Malini Hariharan Less then a week after the blog had highlighted Braskem’s plans for global growth through acquisitions the company has announced that it will buy the polypropylene (PP) assets of US-based Sunoco. The $350m deal, still subject to regulatory approvals, gives Braskem 950,000 tonnes/year of US capacity and makes it the third largest […]
Post merger Braskem talks of global growth through acquisitions
By Malini Hariharan After overcoming legal objections, Braskem took the final step late last week to announce the merger of the petrochemical operations of Petrobras, Odebrecht and Quattor, to create not only Brazil’s largest petrochemical company but also America’s largest polymer producer. The plan now is to develop the company to become one of the […]
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