ExxonMobil and Sabic have advanced their plan to build a new $10 billion petrochemcial complex on the Texas Coast with the formation of a joint venture centered on the project, the companies said Tuesday.
The venture, dubbed the Gulf Coast Growth Ventures project, will include a 1.8 million mt/year ethylene-capacity steam cracker, two polyethylene units, and a monoethylene glycol unit.
UBS Group AG became the first foreign bank to seek a controlling stake in its mainland Chinese business under new rules, days after China eased foreign-ownership restrictions.
UBS has applied to increase its stake in Beijing-based UBS Securities Co. to 51% from roughly 25%, the bank said Thursday. China’s stock market regulator said on its website that it had received the application Wednesday, and would review the request.
LONDON (Reuters) - Vivo Energy PLC launched on the London Stock Exchange on Friday with a valuation of nearly 2 billion pounds ($2.7 billion), the largest London IPO so far this year and the largest Africa-focused IPO in more than a decade.
The initial offer price for the just under 30 percent of the company floated was set at 165 pence per share and the shares advanced to 169.50 pence in conditional trading.
DOHA, Qatar :– Qatar Petroleum announced that it will be offering 49% of its shares in Qatalum for public offering, following the directives of His Highness Sheikh Tamim bin Hamad Al Thani, the Emir of the State of Qatar, to offer Qatari nationals shares in state-sponsored companies that enjoy safe investment environment and lucrative returns.
This is an important step in implementing Qatar National Vision 2030's goals in developing a diverse and competitive national economy capable of securing a high standard of living as part of the State's plan to increase the participation of the private sector in economic activity and supporting an investment climate capable of attracting capital; all of which are the most important economic objectives of Qatar National Vision.
(Reuters) - French manufacturing group Alstom (ALSO.PA) said on Thursday it had signed an agreement with General Electric (GE.N) to exit three joint ventures in return for a payment of 2.594 billion euros ($3.08 billion).
The three joint ventures, in grid, nuclear and renewable assets, were created as part of Alstom’s 12.35 billion euro sale of its energy business to General Electric in 2015.
“Alstom intends to exercise its options to sell its interests in the ‘Renewables’ and ‘Grid’ Joint Ventures in 2018,” the company announced in a statement.
Abu Dhabi National Oil Co. and OCP Group of Morocco have agreed to consider forming a global fertilizers joint venture exploiting ADNOC’s sulfur production and experience with ammonia and natural gas in combination with OCP’s large phosphate resources and fertilizer expertise.
The venture would have production centers in the United Arab Emirates and Morocco. It extends a partnership formed last December based on a sulfur offtake agreement.
ADNOC expects its sulfur production to rise by at least 50% from current levels of 7 million tons/year as output of sour gas increases.
Almost four months ago, Amazon, Berkshire Hathaway and J.P. Morgan Chase announced a bold new partnership aimed at bringing down the costs of health care.
But ABC, as the group is known, has encountered a surprising challenge filling the CEO spot.
The search for a person to lead ABC began around the time of the announcement in late January, with potential candidates meeting by phone as well as in Berkshire's hometown of Omaha, Nebraska, and in New York, where J.P. Morgan is based, according to people with knowledge of the process.
SAN RAMON, Calif. and EMERYVILLE, Calif., May 18, 2018 (GLOBE NEWSWIRE) -- Amyris, Inc. (Nasdaq:AMRS), the industrial bioscience company, and Chevron Products Company, a division of Chevron U.S.A. Inc., today announced that Novvi LLC and Chevron have entered into an agreement to jointly develop and bring to market novel renewable base oil technologies. Terms of the transaction were not disclosed.
Novvi’s base oil products and technology are recognized by the global lubricant market to deliver sustainable, high-performance solutions in a range of lubricant applications. Since launching its first commercial production in 2014, Novvi has been steadily increasing its base oil production to keep up with robust and growing demand for a variety of automotive, marine and industrial applications.
FRANKFURT/DUESSELDORF, Germany (Reuters) - Heinrich Hiesinger’s position as Thyssenkrupp’s CEO is more precarious than it has ever been as he prepares to unveil a new strategy to placate impatient investors, including Cevian and Elliott, people familiar with the matter said.
A 10 percent gain in the industrial group’s share price on news that hedge fund Elliott was taking a stake on Tuesday, the biggest single-day gain in almost a decade, laid bare the dwindling faith investors have in Hiesinger to turn the group around.
Elliott’s engagement comes as investors’ patience is thinly stretched over the length of time it is taking Hiesinger to divest the group’s legacy steel business into a joint venture, a move aimed at revealing the value of Thyssenkrupp’s higher-tech businesses.
HOUSTON (ICIS)--Total, Borealis and NOVA Chemicals have received all regulatory approvals and have closed on their joint venture, which plans to build a petrochemical project on the US Gulf Coast, the companies announced on Wednesday.
The joint venture, Bayport Polymers (Bay-Pol), is 50% owned by Total and 50% owned by Novealis Holdings, the latter of which is itself a joint venture between NOVA and Borealis.
LONDON, May 31 (Reuters) - Golar LNG said on Thursday it would wind down its joint venture with Schlumberger , called OneLNG, which had been involved in the development of the Fortuna LNG project with Ophir in Equatorial Guinea.
Golar said despite an agreed development plan and extensive efforts in the last 12 months by OneLNG and Ophir management, it has not been possible to finalise an attractive debt financing package.
This, together with other capital and resource priorities, resulted in a decision from Schlumberger to end their participation in the project.