Shell has completed the $820m sale of its 50% stake at Saudi Arabia’s petrochemical joint venture SADAF to the country’s chemicals major SABIC, the Anglo-Dutch energy major said on Wednesday.
The deal was announced in January as part of Shell’s $30bn divestment programme in order to reduce its debt obligations.
Despite the SADAF divestment in a growing petrochemical producing region like the Middle East, the company said at the time of the announcement chemicals would remain an “engine growth” within its portfolio.
Meanwhile, chemical analysts framed the divestment within Saudi Arabia’s drive to diversify its economy from purely extraction and production of crude oil into more downstream sectors, as part of its Saudi 2030 modernisation programme.
By Jonathan Lopez
Source: ICIS News
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.