Sector News

Andrew Liveris appointed special adviser to Saudi PIF

September 3, 2018
Energy & Chemical Value Chain

The Public Investment Fund (PIF), the sovereign wealth fund of Saudi Arabia, said on Sunday it had appointed Andrew Liveris, former chairman and CEO of Dow Chemical, as a special adviser.

Liveris will advise Crown Prince Mohammed bin Salman, the chairman of PIF. Liveris will work closely with the fund on matters of strategic importance and assist the fund in its efforts to increase the value of its portfolio. PIF owns assets worth more than $250 billion, which it aims to increase to $400 billion by 2020. It holds stakes in some of the largest companies in Saudi Arabia, including SABIC, as well as banks and other financial institutions.

Liveris joined the board of Saudi Aramco, the state-owned oil company, in July. Aramco is negotiating with the PIF to acquire the majority of and possibly the fund’s entire 70% holding in SABIC, worth about $70 billion. The discussions follow a decision to postpone indefinitely the listing of 5% of Aramco’s shares on the domestic and international stock markets.
Banks including JP Morgan, Morgan Stanley, and HSBC, which were involved with the Aramco IPO, are working to assemble a debt package to fund the SABIC takeover.

By Natasha Alperowicz

Source: Chemical Week

comments closed

Related News

May 26, 2024

Borealis signs first Austrian wind and solar PPA with Burgenland Energie

Energy & Chemical Value Chain

Borealis has partnered with Austria-based wind and solar power producer and green tech solution provider Burgenland Energie on a power purchase agreement (PPA). Under the ten-year agreement, renewable electricity will be provided by a hybrid renewable energy park located in Nickelsdorf, Austria, which is owned by Burgenland Energie’s subsidiaries Nick Alpha and Wind PV Operation.

May 26, 2024

DuPont to split into three companies

Energy & Chemical Value Chain

DuPont de Nemours Inc. announced plans to split into three separate, publicly traded companies. The electronic materials and water business will become independent companies, with the remainder of the company to comprise New DuPont. The splits will be complete within 18 to 24 months, and do not require shareholder approval.

May 26, 2024

Olin hires new leader for chlor-alkali and vinyls business

Energy & Chemical Value Chain

Olin Corp. has hired Deon Carter as vice president and president/chlor-alkali products and vinyls, effective June 17. Carter was previously COO at Continental Industries Group, a position he took April 2023 after serving as president and CEO of Scientific Design Company.

How can we help you?

We're easy to reach