Ineos (London) announced that INEOS Olefins and Polymers USA that it has agreed to principle terms with Sasol Chemicals North America LLC to acquire its 50% membership interest in Gemini HDPE LLC (Gemini) for $404 million. Gemini is a toll-manufacturer of bimodal high-density polyethylene (HDPE) products serving rapidly growing pipe and film markets. Gemini is operated by INEOS and located within the INEOS Battleground Manufacturing Complex in La Porte, TX. The proposed acquisition is contingent on financing, is targeted to close by year-end, and would consolidate 100% of Gemini ownership and all marketing under INEOS.
Michael Nagle, CEO of INEOS O&P USA said, “We are excited about the opportunity to acquire Sasol’s half of Gemini. This world-class asset is positioned to serve the growing global bimodal markets and would allow our business to meet increased demand from our customers.”
INEOS O&P USA is part of INEOS Group, one of the world’s leading petrochemical companies. This proposed acquisition would increase INEOS Group’s global HDPE market share and strengthen its ability to service the rapidly growing bimodal markets. INEOS’s global polymer businesses are leaders in technology with production sites around the world, producing polymers with a wide range of downstream end-uses such as food packaging, automotive, pharmaceutical packaging, thermoforming, pressure pipe, blow molding, caps and closures, and film.
By Mary Page Bailey
Source: chemengonline.com
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?
