Saudi Arabia’s Sahara Petrochemicals plans to resume merger talks with Saudi International Petrochemical Co (Sipchem), nearly four years since the negotiations were stalled.
Sahara, in a filing to the Saudi Stock Exchange or Tadawul late on Tuesday, said that discussions will be re-opened “in light of recent changes in the regulatory framework”. No further details were provided.
The two companies postponed in June 2014 their merger talks, which were in advanced stages as of late October 2013.
Sahara said that “implementing the proposed merger through a structure acceptable to both companies and available under the regulatory framework at that time was difficult”.
In December 2013, the two companies signed a memorandum of understanding (MOU), under which Sipchem would issue 0.685 new shares for every one outstanding Sahara share. This meant an issuance of 300.6m new Sipchem shares in exchange for all the issued shares of Sahara.
Manufacturing operations of Sipchem and Sahara Petrochemicals in Saudi Arabia are mostly based in Jubail.
Sipchem manufactures and markets 2.2m tonnes of petrochemicals, while Sahara Petrochemicals has nine petrochemical affiliates, including include Al-Waha Petrochemicals (75%-owned), which produces propylene and polypropylene (PP), based on information available on the companies’ websites.
By Pearl Bantillo
Source: ICIS News
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?