Industry: Oil & Gas

BP’s olefins & derivatives unit, Innovene to be acquired by INEOS BP announced its plans to sell Innovene, its olefins, derivatives, and refining group, to UK-based INEOS. The $9 billion cash sale, subject to regulatory approvals, includes all of Innovene’s manufacturing sites, markets, and technologies. The sale is expected to be concluded early in 2006 […]

FlexPO2005 Rescheduled for March 15-17, 2006 in Singapore – Mark Your Calendars We greatly appreciate the continued patronage of FlexPO2005. The program scheduled for September, 21-23, 2005 in Galveston, Houston, TX had to be re-scheduled due to hurricane Rita – an act of God, or God’s middle managers. We are rescheduling the program to March […]

BP’s petrochemical subsidiary Innovene files for $1 billion IPO The petrochemical subsidiary of BP Plc, Innovene Inc., has registered for an initial public offering (IPO) on the New York Stock Exchange to raise $1 billion. In 2004, BP decided that it would either sell or float the business. According to the company’s IPO document – […]

Basell and Braskem sign Spherilene® process development agreement Basell Polyolefine GmbH and Braskem S.A. announced the signing of a cooperation agreement for the development of polyethylene grades produced using Basell’s proprietary Spherilene gas-phase technology. Under the agreement, joint development of new and improved Spherilene polyethylene resins will be carried out in Brazil at Braskem facilities […]

Total Petrochemicals to invest in polyolefin– increase in PP capacity Total Petrochemicals announced its plans to increase its polypropylene (PP) capacity significantly. Total will build a PP line at its La Porte, TX site or at another, undisclosed location, with a minimum capacity of 300 KT by 2008 or 2009. The company is planning to […]

Dow Chemical and Westlake Chemical announce 2nd quarter earnings Dow Chemical Company Dow Chemical reported sales of $11.5 billion for the second quarter of 2005, a 16% increase compared with the same period in 2004. Net income rose 85% to $1,265 million, and earnings per share were $1.30, an increase of 81% compared with $0.72 […]

Lukoil-Neftekhim to construct polypropylene plant in Russia based on UNIPOL® process from Dow The Dow Chemical Company and LUKOIL-Neftekhim announced that LUKOIL and Dow’s subsidiary, Union Carbide Chemicals & Plastics Technology Corporate, have signed a license agreement for Stavrolen to use UNIPOL™ PP process technology from Dow for a new polypropylene plant at Budennovsk, Russia. […]

Reliance group owners split the assets – Anil Ambani to get RIL and Mukesh Ambani to get Reliance Infocomm Reliance Industries owners Ambani brothers reached an ‘amicable’ settlement of the ownership dispute of Reliance group under which elder brother Mukesh will retain Reliance Industries Limited (RIL) and its Petrochemical venture IPCL while Anil gets Reliance […]

Innovene and Delta Oil to explore petrochemical investment in Saudi Arabia Innovene, BP’s petrochemicals and refining subsidiary, and Delta International, a leading Saudi-owned independent development company, announced the signing of a Memorandum of Understanding (MOU) for a major investment in Saudi Arabia’s petrochemical sector. The memorandum marks the beginning of negotiations between Innovene and Delta […]

Private equity firms Access Industries and The Chatterjee Group to acquire Basell The long protracted and much-speculated sale of Basell was finalized. The investment group led by New York-based The Chatterjee Group, along with the New York-based Access Industries acquired the assets and operations of Basell for approximately $5.7 billion US Dollars. It is expected […]

Polyolefin producers announce first-quarter earnings Dow Chemical Dow Chemical Company reported total sales of $11.7 billion for the first quarter of 2005. The sales were 25% higher compared to the first quarter of 2004. Net income climbed to $1.4 billion from $469 million in the first quarter of last year and earnings per share were […]

Qatar Petrochemical to Increase LDPE Production Qatar Petrochemical Company (QAPCO) plans to boost the production of low-density polyethylene and ethylene by initiating a major de-bottlenecking. Currently, QAPCO is the largest producer of low-density Polyethylene (LDPE) in the Middle East with an annual capacity of 360,000MT. The company is also stepping up its annual ethylene production […]