ExxonMobil and Sabic are to proceed with their multi-billion dollar petrochemical production joint venture (JV) on the US Gulf Coast. Sabic said in a regulatory filing today that the JV has obtained all the required regulatory approvals, including environmental permits, for the project. Construction is expected to start later this year with completion planned for the first half of 2022. The project will include one of the world’s largest ethane crackers, designed to produce 1.8 million metric tons/year of ethylene, two polyethylene units and an ethylene glycol plant.
On Wednesday, the Texas Commission on Environmental Quality granted air quality permits to Gulf Coast Growth Ventures, the equally-owned JV between the two partners. The complex will be built north of Corpus Christi between the towns of Gregory and Portland. The engineering, procurement and construction contracts for the project were awarded earlier to Chiyoda Kiewit JV and CTCI-McDermott.
ExxonMobil and Sabic are already partners is several JVs in Saudi Arabia, which include a major elastomers manufacturing alliance. The Corpus Christi JV will be Sabic’s first major petchems production venture in the US and is part of the company’s geographic diversification to supply new markets. “The proposed venture would capture competitive feedstock, capitalize on the growing global demand for ethylene-based products, and reinforce Sabic’s strong position in the value chain,” Sabic’s CEO Yousef al-Benyan said earlier.
Sabic is in the process of being acquired by Saudi Aramco. The latter has its own major investment plans in the US via its wholly-owned subsidiary, Motiva Enterprises at Port Arthur, Texas.
By Natasha Alperowicz
Source: Chemical Week
Corteva (Indianapolis, Indiana) says it has signed a definitive agreement to acquire Stoller Group (Houston, Texas), a producer of biostimulants and plant nutrition products, for $1.2 billion. Stoller is one of the largest independent biologicals companies globally, with operations in more than 60 countries and more than $400 million in annual sales.
OMV has announced its new corporate structure today, designed to fully enable the delivery of Strategy 2030. The new organization will be built on five distinct areas. In addition to the CEO and CFO areas, three business segments will be established: Chemicals & Materials, Fuels & Feedstock, and Energy.
The European petchem sector is readying for some tough quarters. It’s a different picture in the US. So is this the best time ever to find a new role in the chemical industry? If you are in Europe, you would expect me to say probably not. But actually, it depends. So let me give you four answers to this question.