Hunstman is selling its chemicals intermediates business to Indorama Ventures for US$2bn.
The Thai chemicals firm will take control of Huntsman manufacturing sites in Port Neches, Dayton, and Chocolate Bayou in Texas, US; Botany, Australia; and Ankleshwar, India. Products manufactured at these sites include ethylene oxide, propylene oxide, glycols, surfactants and MTBE.
Huntsman CEO Peter Huntsman said: “This is another milestone in our stated strategy to focus more on our downstream and specialty businesses where we will generate more stable margins and consistent, strong free cash flow.”
He added: “This is also a transformational opportunity for Indorama Ventures that provides them hundreds of product grades and thousands of customers. Huntsman looks forward to continuing to work with Indorama Ventures as a customer and manufacturing partner through long-term commercial arrangements, including propylene oxide supply.”
It is the largest acquisition by Indorama, which described the deal as “game-changing”. Indorama Ventures CEO Aloke Lohia said the purchase accelerates the firm’s efforts to become a global, diversified chemicals company.
By Adam Duckett
Source: The Chemical Engineer
France has launched an offshore green hydrogen production platform at the country’s Port of Saint-Nazaire this week, along with its first offshore wind farm. The hydrogen plant, which its operators say is the world’s first facility of its type, coincides with the launch of another “first of its kind” facility in Sweden dedicated to storing hydrogen in an underground lined rock cavern (LRC).
The project sets up the Hydrogen Valley in Rome, the first industrial-scale technological hub for the development of the national supply chain for the production, transport, storage and use of hydrogen for the decarbonization of industrial processes and for sustainable mobility.
At first glance, hydrogen seems to be the perfect solution to our energy needs. It doesn’t produce any carbon dioxide when used. It can store energy for long periods of time. It doesn’t leave behind hazardous waste materials, like nuclear does. And it doesn’t require large swathes of land to be flooded, like hydroelectricity. Seems too good to be true. So…what’s the catch?
