Saudi Basic Industries Corporation (SABIC) plans to voluntarily liquidate three wholly-owned subsidiaries, in line with its transformation plans, according to a statement to the Saudi Stock Exchange (Tadawul).
The liquidation decision includes SABIC Industrial Catalysts Company, Saudi Carbon Fiber Company, each with a paid-in capital of SAR 500,000.
The third company is Saudi Japanese Acrylonitrile Company, with a capital of SAR 171.23 million.
SABIC has vowed to continue developing related products through other subsidiaries.
The liquidation is not expected to have any financial impact on SABIC’s consolidated financial statement.
INEOS Styrolution, the global leader in styrenics, has today announced the official opening of a new world-scale ABS facility located in Ningbo, China, together with its joint venture partner SINOPEC. The facility has an annual nameplate capacity of 600,000 tonnes.
The merger of Röhm’s Acrylic Products business unit and SABIC’s Functional Forms business has resulted in the formation of Polyvantis. This new company will offer extruded products in the forms film, sheet, pipe and rod for markets that include building and construction, transportation and aviation, electrical and electronics, automotive and home and garden.
Abu Dhabi National Oil Co. (Adnoc) is considering plans to acquire upstream oil and gas company Wintershall DEA, an affiliate of BASF SE, according to a Bloomberg report citing people with knowledge of the matter. A deal to acquire Wintershall DEA could be worth more than €10 billion, the report said. BASF and Adnoc declined to comment on the report.