Total has agreed to sell its polystyrene (PS) business in China to INEOS Styrolution, the French producer said on Friday.
The deal includes two PS production facilities – each with 200,000 tonnes/year of capacity – at Ningbo in Zhejiang province and Fongshan, Guangdong province, Total said in a statement.
The Ningbo plant also includes a unit that produces polypropylene (PP) compounds for automotive parts which will be exclusively dedicated to Total once the deal is completed.
“In a highly competitive polystyrene market, Total considered it did not have the required critical mass in China, unlike its positions in Europe and the US,” the company said.
The purchase gives INEOS Styrolution its first assets in China, 18 months after completing the purchase of the styrene-butadiene copolymers operations owned by Chevron Phillips Chemical and Daelim Industrial, with a plant located in South Korea.
“A little more than one year after our first acquisition, INEOS Styrolution continues to grow its footprint in the Asian market,” said INEOS Styrolution CEO Kevin McQuade.
Financial details of the deal were not disclosed. The transaction is subject to approval from regulatory authorities.
By Tom Brown
Source: ICIS News
CF Industries Holdings, Inc. (NYSE: CF) today announced that it has closed its acquisition of Incitec Pivot Limited’s (“IPL”) ammonia production complex located in Waggaman, Louisiana. Under the terms of the agreement, CF Industries purchased the Waggaman ammonia plant and related assets for $1.675 billion, subject to adjustments.
The Virgin Atlantic flight was powered entirely by SAF, that was a drop-in replacement for conventional jet fuel, but made solely from sustainable feedstocks. This was enabled through the inclusion of a new bio-based aromatic jet fuel blending component.
Cepsa SA (Madrid) has agreed a deal with C2X, an independent firm owned by AP Moller Holding with AP Moller-Maersk as minority owner, to develop a 300,000 metric tons per year renewable methanol plant at Huelva, Spain.