The ICIS Top 40 Power Players: No. 5–40
ICIS Editorial
05-Dec-2011
5. ELLEN KULLMAN, CHAIR AND CEO,
DUPONT
The head of the US-based chemical giant
has engineered a remarkable turnaround since taking the reins
in January 2009 in a period of economic turmoil. Kullman kept
costs under control, simplified the management structure and
maintained financial flexibility. The latter enabled the
company to pull off its $6.3bn (€4.7bn) acquisition of Danish
enzymes and food ingredients producer Danisco in June 2011.
DuPont is also
undertaking a titanium dioxide (TiO2) expansion that will
boost its capacity by 350,000 tonnes/year by the end of 2014,
equivalent to 29% of its TiO2 capacity and 9% of global
capacity. This will include $550m for a new 200,000
tonne/year TiO2 line in Altamira, Mexico, plus upgrades at
five of its sites in the US, Mexico and Taiwan that will
yield an additional 150,000 tonnes/year.
6. KHALID AL-FALIH, PRESIDENT AND CEO, SAUDI
ARAMCO
A 30-year veteran of Saudi Arabia’s
state-owned oil, gas and refinery company, Al-Falih joined
the board in 2004 and took the top role in 2009 – the year it
brought on stream its first major petrochemical investment –
the Petro Rabigh joint venture with Japan’s Sumitomo
Chemical. This year, Al-Falih sealed a deal with US-based Dow
Chemical to build a $20bn (€15bn) complex at Al-Jubail,
Sadara Chemicals. It will be the largest complex ever built
in one stage, with 25 units downstream of the ethylene
cracker. First production is expected in the second half of
2015. Also this year, Saudi Aramco
signed a huge expansion of refinery and aromatics capacity at
its S-Oil joint venture in South Korea. The $1.2bn project
doubles capacity to 1.7m tonnes/year and benzene to 560,000
tonnes/year.
7. FU CHENGYU, CHAIRMAN, SINOPEC
Fu,
who took over as chairman of Sinopec in May of this
year, has taken the helm of China’s largest refining and
petrochemical company at a pivotal time for the company. The
60-year-old was formerly the head of China National Offshore
Oil Corp. (CNOOC). Traditionally, Sinopec has been run been
as a utility company with low return on capital compared with
its international peers. The priority has been security of
supply of refined products and petrochemicals to industry. As
the company aims to become more international, the big
question among investors is whether priorities will change –
or whether Sinopec will continue to add capacity for the sake
of overall national objectives. The Chinese major will be the
world’s biggest ethylene producer by 2015, according to some
estimates.
8. KHADEM AL-QUBAISI, MANAGING DIRECTOR,
IPIC
Al-Qubaisi leads the Abu Dhabi sovereign
wealth fund, International Petroleum Investment Company
(IPIC). Under his leadership, IPIC has
continued to expand its holdings in petrochemical companies
as it expands internationally. During 2011, IPIC raised its
stake in Spanish oil and chemical group CEPSA from 47% to
100%. Al-Qubaisi then became CEPSA’s chairman and managing
director. Al-Qubaisi is also chairman of the supervisory
board at Austria-headquartered Borealis, in which IPIC has a
64% stake. In 2011, IPIC increased its stake in Austria’s oil
and chemical group OMV by 4.5 percentage points to 24.9%. OMV
owns the other 36% in the Borealis joint venture. IPIC also
owns Canada’s NOVA Chemicals and is developing the vast
Chemaweyaat petrochemical site in Abu Dhabi.
9. STEPHEN PRYOR, PRESIDENT, EXXONMOBIL
CHEMICAL
Pryor is overseeing
ExxonMobil Chemical’s huge petrochemical expansion in
Jurong Island, Singapore, the company’s largest ever chemical
project. All the plants are due for start-up in the second
half of 2012. The project will have a 1m tonne/year cracker,
two 650,000 tonne/year polyethylene (PE) plants, a 450,000
tonne/year polypropylene plant, and a 300,000 tonne/year
specialty elastomers plant. Pryor is focusing on the
Singapore expansion, as well as the company’s 400,000
tonne/year elastomers and carbon black expansion in
Al-Jubail, Saudi Arabia, with local petrochemical giant
SABIC. He is also mulling petrochemical projects in Tianjin,
China and Qatar. In the US, he has thus far resisted jumping
on the new-cracker bandwagon based on growing supplies of
shale gas.
10. YOSHIMITSU KOBAYASHI, PRESIDENT AND CEO,
MITSUBISHI CHEMICAL
Heading Japan’s largest
chemical firm, Kobayashi has expanded abroad through joint
ventures. Tie-ups include those with China’s Sinopec for
bisphenol A (BPA) and polycarbonate (PC); Thailand’s PTT
Chemical for sugar-derived polybutylene succinate, a
biodegradable aliphatic polyester with similar properties to
polyethylene (PE); and Saudi Arabia’s SABIC for methyl
methacrylate. After the March earthquake, Mitsubishi
Chemical brought its badly damaged Kashima plant back on
line and worked to maintain supply. Kobayashi has
restructured the company’s polypropylene (PP) business, and
left businesses where it was not competitive, such as
styrene, polyvinyl chloride (PVC) and nylon. In April, it
integrated its ethylene operations with those of Asahi Kasei
in Mizushima.
11. CARLOS FADIGAS, CEO,
BRASKEM
Fadigas has led the Brazil-based
company through a global growth spurt, cutting deals to
acquire capacity in Germany, the US and Mexico. Braskem bought the
polypropylene (PP) businesses of US-based firms Sunoco in
2010 and Dow Chemical in 2011, acquiring plants in the US and
Germany. Late last year, Braskem created a joint venture with
Mexico-based IDESA to build an integrated ethane cracker and
polyethylene units. The joint venture started site
preparation in October and front-end engineering and design
work is nearly complete. Braskem is considering a cracker and
polyethylene (PE) projects in Peru and the US. Meanwhile, the
company continues to review expansion into renewable
plastics. These would use sugarcane-based ethanol as a
feedstock.
12. MOHAMED AL-MADY, VICE CHAIRMAN AND CEO,
SABIC
Al-Mady remains an important focus of
attention at Saudi Arabia-based SABIC as
he helps steer the company and maintain its influence in a
changing chemicals landscape in Saudi Arabia. He has been
vice chairman and CEO since 1998. SABIC is generating strong
financial results as it ramps up new joint-venture production
capacities. It is a low-cost, industry leader. The company’s
management was criticized by some when it went downstream
into advanced plastics, buying US-based GE Plastics in 2007.
But SABIC’s business portfolio is being tuned for the long
term. Clearly, SABIC’s newer ventures are designed to
capitalize on opportunities in fast-growing chemical markets,
particularly in China. Its polymer exports from the kingdom
have been ramped up.
13. DMITRY KONOV, CHAIRMAN AND CEO,
SIBUR
This year Konov has made significant
progress in disposing of non-core downstream assets as he
focuses the Russia-based group on petrochemical production.
He is also growing Sibur organically with new
projects. These include the RusVinyl joint venture that Sibur
has funded through loan agreements for the construction of a
new 330,000 tonne/year polyvinyl chloride (PVC) plant. In
2011 he has steered the company through an ownership change
that resulted in two new investors taking control of the
company from Russia’s Gazprombank. Leonid Mikhelson – CEO of
Russian gas group Novatek – took a 57.5% stake in Sibur, with
37.5% going to energy trader Gennady Timchenko. Sibur’s
management will own the remaining 5% through investment
vehicle Dellawood Holdings.
14. ALOKE LOHIA, VICE CHAIRMAN AND CEO, INDORAMA
VENTURES
Indorama Ventures is
Thailand’s largest family-led petrochemical firm and its
market capitalization has risen fivefold since its listing in
February 2010. Lohia’s growth strategy has prominently
featured mergers and acquisitions. The company has bought the
polyethylene terephthalate (PET)/polyester assets of larger
firms such as US-based Eastman Chemical and South Korea’s SK
Chemicals globally to become the world’s largest manufacturer
in the polyester value chain. Lohia has set his sights on
ranking in the top 20 chemical firms and a step in this
direction is his Aspiration 2014 plan, which budgets $3.8bn
(€2.9bn) in investments and targets capacity of 10m
tonnes/year. He believes the core PET segment growth at
7%/year is defensible because of its affordability.
15. AXEL HEITMANN, CHAIRMAN AND CEO,
LANXESS
Heitmann has led the Germany-based
company through the downturn with a strong financial
performance in 2011. LANXESS announced a 31%
year-on-year increase in its net income to €154m ($205m) in
the third quarter this year, boosted by strong demand for the
firm’s synthetic rubbers and high-tech plastics. The company
has continued its emphasis on innovation, green chemistry and
addressing global “megatrends.” It has been leading the
charge in bio-based rubber intermediates and took a 10% stake
in Gevo, a US renewable chemical and biofuels start-up that
is making bio-isoprene for rubber production. It is also
investing in a massive butyl rubber expansion in Singapore.
In August, the board appointed Heitmann as chairman for a
further five years, extending a reign that dates to 2004.
16. KURT BOCK, CHAIRMAN, BASF
Bock has
a hard act to follow, having taken over leadership of the
world’s largest chemical company from Jurgen Hambrecht, who
led it from success to success, cementing top position. Bock
became chairman of the board of executive directors at
Germany’s BASF in May 2011,
having served as CFO. He took over just before the European
debt crisis hit growth across the continent and in other
regional markets. BASF enjoyed a strong second quarter, but
during the third-quarter results conference call, Bock noted
that turbulence on the international capital markets had
impacted BASF’s growth prospects as customers were being
forced to reduce inventories and delay orders in anticipation
of falling prices. He added: “We remain cautious as economic
growth is likely to slow further.”
17. JEAN-PIERRE CLAMADIEU, CEO-DESIGNATE,
SOLVAY
Clamadieu took the helm of ailing
France-based chemical company Rhodia and pulled it from the
brink of bankruptcy. The turnaround of the company was due to
strict financial and operational discipline from the top.
Rhodia’s portfolio was greatly simplified under Clamadieu’s
tenure and its strategy clearly laid out. The reward has been
an industry-defining merger with Belgium’s Solvay that should establish the
combined group as a much stronger international, as well as
European player. Clamadieu is CEO-designate (currently deputy
CEO) of the new Solvay and will take over when Solvay CEO
Christian Jourquin retires. The new player on the European
chemical scene is expected to produce significantly higher
operating earnings than its predecessor companies from a
global chemical base.
18. VEERASAK KOSITPAISAL, CEO, PTT GLOBAL
CHEMICAL
Kositpaisal successfully maneuvered
Thailand-based PTT Chemical and its subsidiaries through a
Supreme Court ruling that halted many of its projects at Map
Ta Phut. Now most of its projects at the site have resumed
normal operations, Kositpaisal is focusing his efforts on
integrating the upstream and downstream businesses of the
newly formed PTT Global
Chemical as its new CEO. PTT Global Chemical can count on
its low-cost structure, economies of scale and product
variety to cushion its earnings from the global economic
slowdown. The company’s competitiveness lies in the use of
natural gas, a cheaper feedstock than oil-based naphtha, in
petrochemical production. In southeast Asia, only PETRONAS
Chemicals of Malaysia has the same production advantage.
PTT Global Chemical is also a pioneer in green-chemical investment with a joint venture with Japan’s Mitsubishi Chemical and US-based renewable chemical firm BioAmber in bio-based polymers. The company has also bought a 50% stake in US-based NatureWorks which produces bio-based polylactic acid (PLA) polymer.
19. PETER CELLA, PRESIDENT AND CEO, CHEVRON PHILLIPS
CHEMICAL
After serving with Germany’s BASF,
UK-based firms INEOS Nitriles, Innovene and BP, Cella was
selected in February as president and CEO of US-based
Chevron
Phillips Chemical (CPChem), which was named ICIS Company
of the Year for its stellar financial performance in 2010.
Under Cella’s guidance, the 50:50 joint venture by US-based
oil and gas companies ConocoPhillips and Chevron seems to be
heading for another solid year. For the first three quarters
of this year, CPChem has already seen net income of $1.6bn
(€1.2bn) on $10.8bn in revenue, compared with profits of
$1.4bn on $11.2bn in revenue for all of 2010. CPChem has
continued with an aggressive growth strategy. In March, it
revealed plans to study a new cracker project along the US
Gulf coast linked to shale gas.
Another huge project that is almost ready for startup is the Saudi Polymers joint venture at Al-Jubail. This includes a 1.2m tonne/year cracker with associated polyethylene (PE), polypropylene (PP) and other derivatives.
20. MOHAMMED BIN SALEH AL-SADA, CHAIRMAN AND MANAGING
DIRECTOR, QATAR PETROLEUM
Mohammed bin Saleh
al-Sada has an interesting dual role as Qatar’s Minister of
Energy and Industry and chairman and managing director of
Qatar Petroleum. He
therefore has oversight of the overall priorities for Qatar
while striving to maintain growth at Qatar Petroleum (QP).
And within QP, he needs to balance liquefied natural gas
investments with ambitions to grow petrochemicals. At one
stage, there were three cracker projects in Qatar. This
appears to have been whittled down to one because of reduced
gas allocations from the country’s North Field gas reservoir.
The other focus is overseas. In October, QP, Shell and
PetroChina signed a framework agreement to build a
refining-petrochemicals complex at Taizhou in Zhejiang
province, China.
21. ABD HAPIZ ABDULLAH, PRESIDENT AND CEO, PETRONAS
CHEMICALS GROUP
Malaysia-based PETRONAS Chemicals Group
(PCG), with a total combined production capacity of more
than 11m tonnes/year, is one of the largest producers in
southeast Asia. The company appointed Abd Hapiz Abdullah, a
former managing director of DuPont Malaysia and regional
director for Asia Pacific Glass Laminating Solutions, as its
president and CEO in April. PCG will now play a key role in
parent firm PETRONAS’s plans for a new $20bn (€15bn)
integrated refinery and petrochemicals complex at Pengerang
in southern Johor. PCG is investing in a new world-scale
fertilizer plant in Sipitang, Sabah. It would potentially
make PCG the second largest producer of urea in southeast
Asia. PCG is also conducting a feasibility study with
Germany’s BASF to for new specialty chemical capacities.
22. JIANG JIEMIN, CHAIRMAN, CHINA NATIONAL PETROLEUM
CORP.
Jiang became chairman of China National
Petroleum Corp. (CNPC), the oil producer and parent company
of PetroChina, the refinery and petrochemicals major, in
November. Jiang was general manager of CNPC. The move comes
at a time of overseas focus for both companies. First came
the refining and trading joint venture, established this
year, between PetroChina and Switzerland-headquartered INEOS.
This involves production from INEOS refineries in Scotland
and France. Progress has also been made on a technology
agreement between CNPC and INEOS that should enable the
latter to pursue chemical investments in China. In October,
PetroChina signed a framework agreement with Qatar Petroleum
and UK-based Shell Chemicals for a refinery-petrochemical
project in China.
23. FEIKE SIJBESMA, CEO, DSM
The head
of Netherlands-based DSM has been at the
forefront of the green chemicals revolution. DSM is working
with France-based starch and derivatives firm Roquette Freres
to build a commercial-scale, bio-based succinic acid plant in
Cassano Spinola, Italy, with 10,000 tonnes/year of capacity
by the second half of 2012. Bio-succinic acid is a bio-based
building block for applications including packaging and
footwear. In October, the company announced its entry into
the bio-adipic acid market. It is looking to commercially
produce drop-in bio-based adipic acid (ADA) through several
partnerships that will span the value chain. Around 60% of
the global ADA market is consumed for polyamide 6,6 (nylon
6,6) production, where DSM is a major player.
24. STEVE HOLLAND, CEO,
BRENNTAG
Holland, formerly chief operating
officer of Germany-based Brenntag, the world’s
largest chemical distribution firm, took over from Stephen
Clark as CEO on June 22, 2011. Holland has continued to drive
Brenntag’s expansion program, which is focused on the
expanding markets of Asia and Latin America, but also
includes targeted acquisitions in its core markets of Europe
and North America. Key purchases have been made this year in
China, South Africa, the UK and the US. Brenntag also opened
its first office in the Middle East in March, in Dubai.
Holland is also pushing to strengthen Brenntag’s position in
specialty chemicals, particularly in emerging markets.
Brenntag’s financial performance has been strong, with a
healthy level of cash available for more acquisitions.
25. JOHN ZILLMER, CEO, UNIVAR
Zillmer
has continued to drive a strong growth campaign for US-based
Univar during his second year at the top of
the world’s second-largest chemical distribution company
(Germany-based Brenntag is the largest). Latin America and
Asia top the list of emerging markets, where Zillmer is
focused on increasing Univar’s presence. A key acquisition
this year has been that of Brazilian distributor Arinos
Quimica, which Univar will use as a gateway to building a
presence in South America. Other purchases during 2011
include Quaron, a distributor in Belgium, France and the
Netherlands, and Eral-Protek in Turkey, which gives Univar a
bridge between its activities in Europe and its growing
business in the Middle East and Africa.
26. DANIELE FERRARI, CEO, POLIMERI
EUROPA
With Ferrari at the helm, Italy’s
Polimeri Europa is embarking on a radical new
strategy to move away from its traditional commodity sector
and focus on a more sustainable, bio-based future. He has
said the producer will instead focus on elastomers, licensing
its technology and using the equity to invest in joint
ventures. Polimeri is closing its 250,000 tonne/year steam
cracker as well as its downstream aromatics and polyethylene
(PE) units at Porto Torres, Italy, replacing them with a
350,000 tonne/year bio-processing complex due on stream in
2013-2014. It aims to replace other aging assets and
technologies in a similar fashion. Several joint ventures are
being considered outside of Europe during 2012 - in China,
Latin America and, potentially, the Middle East.
27. PATRICK THOMAS, CEO, BAYER
MATERIALSCIENCE
Whereas Germany’s Bayer
recorded strong financial results in the third quarter,
higher energy and raw material costs were attributed to the
24% year-on-year slump in operating profit for its
MaterialScience segment. Nevertheless, Thomas has overseen
the successful commissioning and trial production at its
250,000 tonne/year toluene di-isocyanate plant in Shanghai,
China. Commercial production is expected to start early next
year. The facility uses new gas-phase phosgenation
technology, a world first. Bayer
MaterialScience is investing €1bn ($1.3bn) to expand its
methyl di-p-phenylene isocyanate, polycarbonate and coatings
production. This forms part of the plans by parent group
Bayer to lift its sales in China to €5bn by 2015,
MaterialScience expected to contribute at least half.
28. JOSE SERGIO GABRIELLI, PRESIDENT AND CEO,
PETROBRAS
Gabrielli has said Brazil-based
petroleum and chemical giant Petrobras expects
to more than double its oil production to 4.9m bbl/day by
2020 from 2.1m bbl/day this year. The state-operated firm is
developing oil and gas reserves in the deepwater “pre-salt”
formation, and this is expected to lead to the development of
competitive raw materials for petrochemical production.
Petrobras, which owns a major stake in Brazil-based
petrochemical company Braskem, is developing a refinery and
petrochemicals project in Rio de Janeiro. The project, known
as Comperj, was reconfigured this year so it could receive
pre-salt natural gas as feedstock, in addition to refinery
feedstocks. Petrobras intends to invest $3.8bn in
petrochemicals and $4.1bn (€5.5bn) in biodiesel and ethanol
in 2011-2015.
29. DING JIANSHENG, CEO, WANHUA INDUSTRIAL
GROUP
Wanhua Industrial Group is
gradually making its presence felt in the global chemical
industry. Led by Ding Jiansheng for the past 30 years, the
group bought Hungary’s BorsodChem in 2011, to emerge as one
of the world’s top three isocynates manufacturers. The
company continues to build on this position, with plans to
double its methyl di-p-phenylene isocyanate (MDI) capacity at
Ningbo, China, and for a new world-scale propane
dehydrogenation plant in the same country. In Europe, Wanhua
aims to make BorsodChem its manufacturing base with the most
cost-competitive MDI and toluene di-isocynate (TDI) plants.
To achieve this, it plans to leverage on its technical
strength to improve BorsodChem’s MDI capacity and quality.
New TDI and nitric acid plants have also been identified.
30. THIERRY LE HENAFF, CHAIRMAN AND CEO,
ARKEMA
Under Le Henaff, France-based Arkema is changing into a specialty chemical producer
by investing in acquisitions and organic growth to cement its
leadership positions in areas such as specialty polyamides,
fluorinated polymers and functional additives. Here it holds
the number one or two position globally, says the company. On
November 23, Arkema announced the sale of its vinyls business
to Switzerland-based investment group Klesch so it can focus
on its industrial chemicals and performance products
segments. The vinyls business has polyvinyl chloride (PVC)
capacity of 700,000 tonnes/year. “This project is based on
our firm belief that our specialty activities require today a
differentiated strategy for each of these activities,” said
Le Henaff.
31. ALVARO FERNANDEZ, PRESIDENT,
ALFA
Fernandez is leading the charge in
expanding Mexico-based ALFA’s polymers
footprint in North America, with the acquisitions of US-based
firms Eastman Chemical’s and Wellman’s polyethylene
terephthalate (PET) businesses through the company’s DAK
Americas subsidiary. Before joining ALFA, Fernandez was
president of Mexico-based food firm Sigma. He held executive
positions in ALFA before becoming president. The acquisition
of Eastman’s PET business in February positions ALFA as a
major PET solid-state resins producer with three
manufacturing units in Columbia, South Carolina, US, and
rights to the IntegRex PET and purified terephthalic acid
technology. The Wellman business brings ALFA’s PET production
capacity to more than 1.9m tonnes/year, including a PET plant
in Bay St. Louis, US.
32. MICHAEL MCDONNELL, PRESIDENT AND CEO, TPC
GROUP
McDonnell became US-based TPC
Group’s president in March 2011, when butadiene (BD)
prices were hitting record highs on the back of firm demand
and tight global supply. TPC is one of the world’s leading BD
producers. Under McDonnell, TPC Group will start increasing
its BD capacity, which will result in an extra 600m lb/year
of new supply coming into the US market by 2015. TPC is
restarting a plant to make isobutylene, using cheaper natural
gas liquids as feedstock for its performance products and
fuels products businesses. Scheduled for start-up in 2014,
the plant will have a capacity of 645m lb/year of
isobutylene. McDonnell was president of Pregis, a US-based
provider of protective, flexible, and food service packaging
and hospital supply products, with facilities in 18
countries.
33. RAFAEL DAVALOS, CEO, MEXICHEM
Under
Davalos, who became CEO in January, Mexichem
is continuing its ambitious plans to expand through
acquisitions and backward integration up the vinyls chain.
The Mexico-based company announced an ethylene and vinyl
chloride monomer joint venture with Mexico’s state-owned oil
company Pemex at the Pajaritos complex in Coatzacoalcos,
Mexico, and is also seeking to integrate into ethylene by
taking a stake in one of the proposed cracker projects in the
US. Discussions with potential partners for a US cracker
project are in the preliminary stages, but the move
demonstrates Mexichem’s intention to extend its production
base beyond Latin America. The company has also revealed
plans to add around 460,000 tonnes/year of polyvinyl chloride
capacity by 2014.
34. JAMES O’BRIEN, CHAIRMAN AND CEO,
ASHLAND
This year, US-based Ashland has established an even firmer footing in the
specialties marketplace with its $3.2bn (€2.4bn) acquisition
of US-based International Specialty Products (ISP). The deal
was a prime example of CEO O’Brien’s tenacity as ISP had been
closely held by the Heyman family for many years. Ashland
integrated ISP into its Ashland Aqualon Functional
Ingredients unit, which was renamed Ashland Specialty
Ingredients. The newly acquired business will give Ashland
greater entry into personal care and pharmaceuticals. With
the ISP purchase, specialty chemicals are now 79% of
Ashland’s sales, out of 2011’s adjusted $7.6bn. Under
O’Brien’s watch Ashland bought Hercules for $3.3bn in 2008.
That year also saw the divestiture of Ashland’s distribution
segment. Sharpening the company’s focus was the reasoning
behind the $979m sale to US private equity firm TPG Capital.
Looking forward, O’Brien is exploring bio-refining
partnerships to reduce feedstock costs; and is increasing
water-treatment chemical capacity.
35. HARIOLF KOTTMANN, CEO, CLARIANT
The
head of the Switzerland-based specialty chemicals firm is
moving it into the catalysts and energy market, and
functional materials segment following its €1.9bn ($2.5bn)
acquisition of Germany’s Sud-Chemie. This brought the
high-margin catalyst and adsorbents businesses into
Clariant’s portfolio, with the possibility of growing in
technologies including lithium-ion batteries and bioethanol.
Clariant is also focused on expanding its
presence in China, India and Latin America, where there is
significant growth. Kottmann says he is confident of doubling
revenue in China and India by 2015-2016. Next year, the
restructuring of its UK operations and closure of the
Pontypridd site will be completed, with savings expected in
2014.
36. JAMES ROGERS, CEO, EASTMAN
CHEMICAL
Flush with cash from the $600m (€450m)
sale of its PET business, and tracking sustainability
megatrends, Rogers continued Eastman’s strategic shift toward
high-growth regional markets and high-value specialty markets
led by innovation. Exiting phthalate plasticizers, he added
production capacity for its benzoate and dibutyl
terephthalate alternatives, buying US petrochemical producer
Sterling Chemicals. With the acquisition of Brazil-based
plasticizer firm Scandiflex, the company strengthened the
position of these products in the growing Latin American
market. Eastman doubled capacity for its Tritan copolyesters
– a BPA-free alternative to polycarbonate – and built a
facility for the launch of a new wood acetylation technology.
37. MICHAEL CREEL, PRESIDENT AND CEO, ENTERPRISE
PRODUCTS PARTNERS
Creel’s first full year as
CEO of US natural gas processing and pipeline firm Enterprise Products Partners has been a busy one. In
addition to completing a merger with US-based Duncan Energy
this year, the midstream services company has secured deals
and expanded infrastructure to accommodate growing production
in shale gas plays across the US under Creel’s leadership.
The company partnered Canada-based oil and gas transporter
Enbridge and US-based oil and gas company Anadarko to jointly
develop a new natural gas liquids pipeline linking several
key basins to the Gulf Coast. The company announced a deal
with US-based Chesapeake Energy to transport ethane from the
Marcellus shale formation in the northeast US, to the Gulf
Coast.
Enterprise has also started a fifth NGL fractionator at its Mont Belvieu complex in Texas, and plans to build a sixth unit at the site.
38. JEFFRY QUINN, CHAIRMAN, PRESIDENT AND CEO,
SOLUTIA
Quinn has overseen solid financial
performance at US-based Solutia since its
emergence from bankruptcy in 2008. Through the first three
quarters of 2011, the company posted a 26% gain in earnings
per share on 8% higher sales of $1.57bn (€1.18bn). Quinn has
built up the company’s presence in ethylene vinyl acetate
(EVA)-based solar encapsulants, advanced interlayers and
performance films through acquisitions and expansions. It is
building capacity for EVA and polyvinyl butyral (PVB)-based
solar encapsulants in Suzhou, China. It is also a leading
producer of PVB interlayers for automotive and building
applications. In October, Quinn announced the $113m
acquisition of US-based Southwall, which produces
energy-saving films for the automotive and architectural
markets.
“Our growth strategy remains focused on enhancing our portfolio through synergistic bolt-on acquisitions that allow Solutia to better serve high-growth markets,” he said.
39. PETER HUNTSMAN, PRESIDENT AND CEO,
HUNTSMAN
It has not been the easiest time for
the head of US-based Huntsman, as his
company’s stock price was hit hard after a second-quarter
earnings miss. But Huntsman is pushing forward with his plans
for a 240,000 tonne/year methyl di-p-phenylene isocyanate
(MDI) project in Caojing, China, and is debottlenecking
titanium dioxide capacity to the tune of 40,000 tonnes/year
from current capacity of about 560,000 tonnes/year. In April,
the company bought India’s Laffans Petrochemicals to add
ethylene oxide (EO) derivatives capacity for surfactants.
Huntsman aims to double sales in India from a current level
of $400m (€300m) within five years. The company is also
undergoing a major restructuring of its struggling textile
effects business, and executing a $100m stock buyback
program.
40. JOSE LUIS URIEGAS, CEO, IDESA
The
head of Mexico-based petrochemical and polymers producer
IDESA is helping lead the charge in boosting
polyethylene (PE) production in Mexico to meet local demand.
IDESA is building Mexico’s $3.6bn (€2.7bn) Ethylene XXI
project through its 35% stake in Braskem IDESA, which is 65%
owned by Brazil-based petrochemical firm Braskem. The
project, expected to come on line in mid-2015, will consist
of a 1.05m tonne/year cracker and an equal amount of PE
capacity. Uriegas said IDESA is willing to participate in
building another cracker in Mexico through its joint venture,
provided that the state oil and gas company can provide
enough ethane feedstock. “In the next five years, we should
see that availability of ethane, which I’m sure is abundant
in Mexico,” said Uriegas.
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