INEOS to acquire the Ashland Composites Business for USD1.1 billion

MOSCOW (MRC) -- INEOS Enterprises has today agreed to acquire the entire composites business from Ashland Global Holdings Inc.for USD1.1 billion, as per producer's press-release.

The businesses included in the transaction have combined sales of more than USD1.1 billion per year. They employ 1,300 employees across 20 sites in Europe, North and South America, Asia and Middle East.

The deal, is expected to complete in the first half of 2019, subject to regulatory approval and consultation processes.

Ashley Reed, CEO INEOS Enterprises said, “Ashland’s composite resins have been the materials of choice for the world’s boat builders for 30 years, and for good reason. They are light, strong and resistant to attack from chemicals and even fire. Unlike wood they don’t rot, unlike metal they don’t corrode and unlike concrete they don’t crack. We believe that they have great potential for growth under INEOS ownership and we are looking forward to working with a great team of people who are determined to meet the developing needs of our customers."

Ashland’s Composites Business is a global leader in unsaturated polyester resins, vinyl ester resins and gel coats. In addition to its wide range of gelcoats, the business also provides corrosion-resistant fiberglass reinforced plastic (FRP) which provide exceptional durability, superior heat resistance, low maintenance and high performance for challenging environments.

Bill Wulfsohn, Ashland chairman and chief executive officer said, “Composites and Marl are outstanding businesses with strong market positions and high-performing teams. At the same time, the divestiture of these businesses is consistent with Ashland’s vision of becoming the premier specialty chemicals company. With a more streamlined and focused product portfolio, improved margins and reduced earnings volatility, Ashland will be better positioned to deliver sustained earnings growth and unlock significant value for shareholders."

The deal also includes a BDO facility in Germany producing key intermediates for high performance polyesters and polyurethanes.

Valence acted as Financial advisors to INEOS. DLA Piper provided legal guidance and PwC provided finance and accounting support.
MRC

MOSCOW (MRC) – Twenty-six of the world’s leading oil and gas sector leaders gathered in Abu Dhabi for a high-level industry forum focused on the evolving dynamics of the energy landscape and the opportunities for hydrocarbon produced energy to support global growth, today, and in the future, as per Hydrocarbonprocessing.

His Highness Sheikh Hamed bin Zayed Al Nahyan, Chairman of the Abu Dhabi Crown Prince’s Court, met with the CEOs attending the third annual Abu Dhabi CEO Roundtable. The roundtable brought together senior executives, representing many of the world’s leading oil, gas and petrochemical companies. The exclusive, invitation only, event was hosted by H.E. Dr Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC Group CEO.

The roundtable, held under the Chatham House Rule to encourage openness of discussion, focused on the critical role oil and gas companies will play in enabling a step change in global growth as the fourth industrial age unfolds, in particular how advanced new technologies, such as artificial intelligence, predictive data and analytics and blockchain will enable oil and gas companies to help meet the world’s growing energy needs.

H.E. Dr Al Jaber said: “This important gathering underlined Abu Dhabi’s convening power as a global hub for the world’s oil, gas and petrochemical industries and its position at the center of the conversation shaping the future of our industry. The Fourth Industrial Age will create many new opportunities for the oil and gas industry to contribute to growth and people’s prosperity for decades to come. This roundtable was an important opportunity for us to share insights and perspectives on the future of our industry and to deepen the understanding of the factors shaping the evolving energy landscape and how best to navigate them."

In addition to H.E. Dr Al Jaber, the roundtable will be attended by Amin H. Al-Nasser, President and CEO, Saudi Aramco; Alfred Stern, CEO Borealis; Bob Dudley, Group Chief Executive, BP; Pedro Miro Roig, Vice Chairman and CEO, CEPSA; H.E. Mr. Wang Yilin, Chairman, CNPC; Claudio Descalzi, CEO, ENI; Hunter L. Hunt, President, Hunt Consolidated Energy; Sanjiv Singh, CEO, Indian Oil Company; Takayuki Ueda, President and CEO, INPEX: Tsutomu Sugimori, President, JXTG Holdings (JX-Nippon Oil and Gas Exploration); Dr. Vagit U. Alekperov, President, LUKOIL; Musabbeh Al Kaabi, CEO Petroleum and Petrochemicals, Mubadala Investment Company; Todd Karran, President and CEO, Nova Chemicals; Dr. Rainer Seele, Chairman and CEO, OMV; Vicki A. Hollub, President and CEO, OXY; Dr. Antonio Costa Silva, Chairman of the Management Commission, Partex; Carlos Trevino, CEO, PEMEX; Tan Sri Wan Zulkiflee Wan Ariffin, President and Group CEO, Petronas; Patrick Pouyanne, Chairman of the Board and CEO, Total; Ben van Beurden, CEO, Royal Dutch Shell and Raoul Restucci, Managing Director, Petroleum Development Oman: Dr Josephine Wapakabulo, CEO, Uganda National Oil Company; Nassef Sawiris, CEO, OCI: Kim Jun, President and CEO of SK Innovation and Dr Carlos Saturnino Guerra Sousa e Olivera, Chairman and CEO, Sonangol Group.

The roundtable was moderated by Dr. Daniel Yergin, Vice Chairman of HIS Markit. “The Abu Dhabi CEO Roundtable provides a unique opportunity to discuss with leaders from around the world key issues and trends that will shape the future of the oil and gas industry and world energy,” he said.
MRC

MOSCOW (MRC) -- Reliance Industries Ltd. (RIL) has taken off-stream its polyvinyl chloride (PVC) plant for a maintenance turnaround, as per Apic-online.

A Polymerupdate source in India informed that the company has commenced turnaround at the plant earlier this week. The plant is likely to remain under maintenance for about two weeks.

Located at Dahej in Gujarat, India, the plant has a production capacity of 315,000 mt/year.

As MRC informed before, last year, RIL undertook a three-week planned shutdown for maintenance at its PVC plant in Dahej. The plant was taken off-stream in mid-May 2017.

Earlier, in the secon half of April 2016, RIL shut down its PVC plant in Dahej owing to a shortage of water.

Reliance Industries is one of the world's largest producers of polymers. The company produces polypropylene, polyethylene and polyvinyl chloride and other petrochemical products.
mrcpast.com

MOSCOW (MRC) -- Formosa Plastics, part of Formosa Petrochemical (FPCC), has restarted its two polypropylene (PP) units following a maintenance turnaround, according to Apic-online.

A Polymerupdate source in China informed that the company has resumed operations at the units on October 30, 2018. The units remained under maintnance for about three weeks.

Located at Ningbo in China, the two units have a production capacity of 170,000 mt/year and 280,000 mt/year each.

As MRC reported previously, FPCC undertook an emergency shutdown at its No. 1 cracker in Mailiao on March 19, 2018 owing to technical issues. The plant remained off-line for around one day. Located at Mailiao in Taiwan, the No. 1 cracker has an ethylene production capacity of 700,000 mt/year, propylene production capacity of 350,000 mt/year and butadiene production capacity of 109,000 mt/year.

Formosa Petrochemical is involved primarily in the business of refining crude oil, selling refined petroleum products and producing and selling olefins (including ethylene, propylene, butadiene and BTX) from its naphtha cracking operations. Formosa Petrochemical is also the largest olefins producer in Taiwan and its olefins products are mostly sold to companies within the Formosa Group. Among the company's chemical products are paraxylene (PX), phenyl ethylene, acetone and pure terephthalic acid (PTA). The company's plastic products include acrylonitrile butadiene styrene (ABS) resins, polystyrene (PS), polypropylene (PP) and panlite (PC).
MRC

MOSCOW (MRC) -- Sinopec International and Sinopec-SK (Wuhan) Petrochemical Co. (Wuhan) have selected LyondellBasell's Hostalen ACP (Advanced Cascade Process) technology for a high-density polyethylene (HDPE) plant in China, as per Apic-online.

The new 300,000-t/y HDPE unit, to be built in Wuhan, Hubei Province, will be the ninth Hostalen ACP line licensed in China, LyondellBasell noted. A schedule for the project was not given.

"With our leading low-pressure slurry process and extensive technical support, we are confident that the new plant will enable Sinopec International and Wuhan to meet their production goals delivering HDPE products with outstanding properties," said Jim Seward, vice president technology business, sustainability and O&P EAI JV management at LyondellBasell.

As MRC wrote before, Sinopec Corp shut down its largest refinery for maintenance throughout May 2018, and at least four independent oil plants had started overhauls that month, curbing China's crude oil demand.

China Petroleum & Chemical Corporation, or Sinopec Limited is a Chinese oil and gas company based in Beijing, China. It is listed in Hong Kong and also trades in Shanghai and New York . Sinopec is the worlds fifth biggest company by revenue.
MRC