Latest news with #petrochemical
Bloomberg
7 days ago
- Business
- Bloomberg
Exxon (XOM) Enters Exclusive Talks to Sell Most of Its French Business
Exxon Mobil Corp. entered exclusive talks to sell its entire 82.89% stake in French unit Esso SAF, including a key refinery, to North Atlantic France SAS for about €400 million ($350 million). If completed, the deal would significantly diminish Exxon's presence in France, after the company announced last year that it would shut down Bloomberg Terminal part of its petrochemical operations in the country. The moves highlight the challenges faced by Europe to keep energy-intensive industries running amid regulations to curb greenhouse gas emissions and international competition.
Bloomberg
7 days ago
- Business
- Bloomberg
Exxon Enters Exclusive Talks to Sell Most of Its French Business
Exxon Mobil Corp. entered exclusive talks to sell its entire 82.89% stake in French unit Esso SAF to North Atlantic France SAS. If completed, the deal would accelerate Exxon's pullback from France, after the company announced last year that it would shut down part of its petrochemical operations in the country. The moves highlight the challenges faced by Europe to keep energy-intensive industries running amid regulations to curb greenhouse gas emissions and international competition.
Reuters
26-05-2025
- Business
- Reuters
Petrobras wants more power to appoint Braskem board members and directors, sources say
RIO DE JANEIRO, May 26 (Reuters) - Brazil's Petrobras ( opens new tab wants to review Braskem's ( opens new tab shareholders agreement for possible changes to allow it more say in the petrochemical firm's decisions, three sources close to the matter at the state-run oil firm told Reuters. Petrobras has a 47% voting stake in the petrochemical company but has appointed four of 11 board members and one director out of seven, numbers it considers small, according to the sources. Last week, Braskem's majority stakeholder Novonor received a non-binding proposal from a fund owned by businessman Nelson Tanure to acquire control of the largest petrochemical company in Latin America. Novonor has been trying to sell its stake in Braskem for years, but has repeatedly failed to reach a deal. Petrobras' objective would be to obtain a new agreement akin to the one it got in Eletrobras, where it increased the number of seats it appoints to the board of the former state-run firm, expanding its influence. In the event of a sale, Petrobras has preference rights to buy Novonor's stake, but the sources said Petrobras has no interest in increasing its voting share. Petrobras wants instead to have a more active voice in the management and operations of the petrochemical company, regardless of who is the controlling partner, said the sources. On Monday, Petrobras CEO Magda Chambriard said Tanure's proposal is a move in the right direction. "Whatever solution that works out will have Petrobras' support," said Chambriard. Braskem and Petrobras did not immediately respond to requests for comment.
Zawya
21-05-2025
- Business
- Zawya
China's Geo-Jade wins major oil, power deal in Iraq
Iraq on Wednesday signed a major contract with China's Geo-Jade company to develop an oilfield and build a large refinery, a petrochemical complex and power complex. Oil Minister Hayan Abdel Ghani signed the deal with the Chinese company and its project partner Hilal Al Basra (Crescent Basra). The official Iraqi News Agency said the projects are based in the Southern oil hub of Basra. 'These projects with Geo-Jade represent a big leap in the development of Iraq's oil wealth and supporting of the national economy,' Abdel Ghani said. The contract includes the development of Tuba oilfield in Basra to expand its output to 200,000 barrels per day (bpd), as well as the construction of an oil refinery with a capacity of 200,000 bpd, a petrochemical plant with a production capacity of 620,000 tonnes per year, a 520,000 tonne fertilisers plant and two power stations, including a 400 megawatts (MW) solar power plant and a 650 MW gas-fuelled power plant. (Writing by Nadim Kawach; Editing by Anoop Menon) (
Bloomberg
09-05-2025
- Business
- Bloomberg
Indian State Eyes $14 Billion Petchem Projects to Cut Imports
The eastern Indian state of Odisha is expecting a 1.2 trillion rupees ($14.1 billion) investment over the next 10 years to build a petrochemical hub near the Bay of Bengal, according to a senior government official. Indian Oil Corp. Ltd., the country's largest refiner by capacity, will invest half of the amount in a naphtha cracker facility, which will help develop a new downstream market for secondary products such as agrochemicals and pharmaceuticals, said Hemant Sharma, additional chief secretary of the state's industries department.
