Brazil’s Braskem SA nominated the company’s current president overseeing United States and Europe operations Fernando Musa as the new global CEO, replacing Carlos Fadigas, the company announced May 2.
Braskem tied the transition to the start of operations of its $5 billion Mexican petrochemical complex Ethylene XXI in March, marking “the completion of an important stage in the company’s internationalization process,” the company said via press statement.
Musa’s nomination still has to be approved by the company’s board of directors. Fadigas, who led the company for the last five years, will continue to work in Odebrecht, Braskem’s largest shareholder. He’ll focus specifically on supporting Braskem’s new cycle of international expansion, according to a company statement.
Odebrecht’s former CEO Marcelo Odebrecht is in prison, accused of involvement in a corruption scheme at state-run oil and energy firm Petroleo Brasileiro SA, or Petrobras.
Braskem said Musa’s priorities will be to advance international expansion, strengthen competitiveness across all operations and identify new investment opportunities in Brazil and abroad, while upholding the company’s commitment to its financial health.
By Anna Flavia Rochas
Source: Plastics News
INEOS Styrolution, the global leader in styrenics, has today announced the official opening of a new world-scale ABS[1] facility located in Ningbo, China, together with its joint venture partner SINOPEC. The facility has an annual nameplate capacity of 600,000 tonnes.
The merger of Röhm’s Acrylic Products business unit and SABIC’s Functional Forms business has resulted in the formation of Polyvantis. This new company will offer extruded products in the forms film, sheet, pipe and rod for markets that include building and construction, transportation and aviation, electrical and electronics, automotive and home and garden.
Abu Dhabi National Oil Co. (Adnoc) is considering plans to acquire upstream oil and gas company Wintershall DEA, an affiliate of BASF SE, according to a Bloomberg report citing people with knowledge of the matter. A deal to acquire Wintershall DEA could be worth more than €10 billion, the report said. BASF and Adnoc declined to comment on the report.
