US's Apollo cleared to buy Swiss Taminco

(europolitics) -- Apollo Global Management, a private equity fund, obtained the European Commission's green light to buy Taminco, a Belgian chemical firm, on 13 February.

The executive's decision clears the acquisition of the Belgian producer of alkylamines (chemicals used in a wide range of products, including detergents, insecticides, fertiliser and water purification) by the US-based equity fund active in various businesses worldwide, particularly in the chemicals sector. Apollo has offered EUR1.1 billion to CVC Capital Partners, which currently owns a controlling share in Taminco.

The Commission concluded that the transaction would not raise competition concerns because the parties do not operate on the same markets and will continue to face competition from other operators on related markets. The investigation confirmed the absence of overlap between Taminco's activities and those of other companies currently owned by Apollo, but explored potential vertical effects on markets for methylamine, used as an input by another chemical firm controlled by Apollo, Momentive Performance Holdings LLC.
The executive concluded that although Taminco is an important supplier of methylamine, there are a number of other suppliers of this product on the market. At the same time, the volumes of methylamine needed to produce polyurethane catalysts are not significant in comparison with its other applications. The merged entity would therefore be unable to shut out competing methylamine suppliers.

MRC

(nasdaq) -- Saudi Basic Industries Corp., or Sabic, and China Petrochemical and Chemical Corp. (SNP), or Sinopec, have agreed to start negotiations with Trinidad and Tobago to possibly build a USD5.3 billion methanol complex in that country, according to the world's largest petrochemical maker by market value.

Sabic and Sinopec together were selected by Trinidad and Tobago over other international bidders, Sabic said in a statement posted on the Saudi bourse website Saturday.
The approval is for the start of negotiations on establishing the complex, and is not binding for either side, the statement added.
Last month Sabic signed a protocol of cooperation with Sinopec to explore new business opportunities.

Sabic is 70 percent owned by the government of Saudi Arabia.

MRC

(noodls) -- INEOS Technologies is pleased to announce that it has licensed its Innovene PP process to Zhong Tian He Chuang Energy Company Limited. Located in Ordos City, Inner Mongolia Autonomous Region, the 350kta plant will manufacture a full line of polypropylene resins, including homopolymers, random copolymers, and impact copolymers,.and will serve the rapidly growing Chinese PP markets.

Zhong Tian He Chuang is a joint venture between China's largest petrochemical company-Sinopec, and China's largest coal company-China Coal Energy Group Co.,Ltd. The final selection of Innovene PP in their Methanol -To- Olefin complex demonstrates a growing appreciation for Innovene PP in the Chinese coal industry.

Peter Williams, CEO of INEOS Technologies, commented: "INEOS is very proud to be selected as partner for this project in the growing Chinese coal chemical industry. INEOS licensed over 2 million tons of petrochemical capacity in China during 2011 and looks forward to participating further in the growth of the Chinese petrochemical industry."

MRC

(chemmonitor) -- Existing weather conditions negatively impact production rates of European manufacturers. Some of them were forced to declare force majeure.

For instance, SolVin with headquarters in Belgium made relevant announcement concerning all commodity grades of Belgium facility and K57and K70 PVC grades of France one.

Solvay is a leading global producer of innovative plastics that Achieve More in addressing the world's most pressing environmental and societal needs.

Solvay Plastics comprises two product groups, Specialty Polymers and Vinyls, whose vast array of materials consistently surpass the highest standards for sustainability, durability, chemical and temperature resistance, weatherability and transparency.

MRC

(chemmonitor) -- Initially projected in June 2013, the launch of the first phase of the 72,000 metric tons per annum ethylene vinyl acetate (EVA) plant by Taipei-based (Taiwan) Formosa Plastics Group, one of Asia's major EVA producers, is moved to the last quarter of the same year in light of existing problems with equipment provision.


The surging demand from the downstream sector - photovoltaics - gave rise to EVA production ramp-ups from pole to pole, which, in its turn, provoked stiff competition for costly high-pressure equipment. The foundation and construction of the facility, located in Ningbo, northeastern Zhejiang province, China, started as early as last year's July.

MRC