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
Corteva (Indianapolis, Indiana) says it has signed a definitive agreement to acquire Stoller Group (Houston, Texas), a producer of biostimulants and plant nutrition products, for $1.2 billion. Stoller is one of the largest independent biologicals companies globally, with operations in more than 60 countries and more than $400 million in annual sales.
OMV has announced its new corporate structure today, designed to fully enable the delivery of Strategy 2030. The new organization will be built on five distinct areas. In addition to the CEO and CFO areas, three business segments will be established: Chemicals & Materials, Fuels & Feedstock, and Energy.
The European petchem sector is readying for some tough quarters. It’s a different picture in the US. So is this the best time ever to find a new role in the chemical industry? If you are in Europe, you would expect me to say probably not. But actually, it depends. So let me give you four answers to this question.