Saudi Aramco has signed a memorandum of understanding (MoU) to acquire a 9% stake in Zhejiang Petrochemical’s integrated refinery and petroleum distillates complex in Zhoushan, China.
The agreement was signed during Saudi Arabia’s Crown Prince Mohammed bin Salman’s state visit to China. It formalises a previously announced acquisition plan.
The company also signed two additional MoUs, one with Zhejiang Energy and the other with Rongsheng Petrochemical, Juhua Group, Tongkun Group and Zhejiang Petrochemical shareholders.
“The agreements demonstrate our commitment to the Chinese market and help enhance the strategic integration of our downstream network in Asia.”
The new agreements will help Saudi Aramco support its downstream presence in the Zhejiang province.
Saudi Aramco CEO Amin Nasser said: “The agreements demonstrate our commitment to the Chinese market and help enhance the strategic integration of our downstream network in Asia.
“They will further strengthen our relationship with China and the Zhejiang province, setting the stage for more cooperation in the future.”
Private chemical group Zhejiang Rongsheng Holding Group controls Zhejiang Petrochemical. The company is currently building an 800,000 barrel-per-day (bpd) capacity refinery and petrochemical complex in the province.
Phase I will feature a 400,000bpd capacity refinery with a 1.4mmtpa ethylene cracker unit and a 5.2mmtpa aromatics unit.
In the second phase, the capabilities of the refinery will be increased and the facility will achieve deeper levels of chemical integration.
Last month, Saudi Aramco signed an agreement with Axens and TechnipFMC to develop its catalytic crude-to-chemicals (CC2C) technology.
Source: Chemicals Technology
BASF will build a commercial scale battery recycling black mass plant in Schwarzheide, Germany. This investment strengthens BASF’s cathode active materials (CAM) production and recycling hub in Schwarzheide. The site is an ideal location for the build-up of battery recycling activities given the presence of many EV car manufacturers and cell producers in Central Europe.
Clariant says it is reducing its number of businesses from five to three, by merging units, under a reorganization that is in line with the company’s purpose-led strategy and cultural transformation. The moves will position Clariant for long-term sustainable growth, the company says.
Chemicals & plastics industry has the most diversified end-use market across all manufacturing industries. The industry returned to growth in 2021 but a supply chain crunch prevented it from becoming stronger. The market is likely to stabilize in the second half of 2022 with a supply-demand balance.