Page 151 - CW E-Magazine (9-4-2024)

News from Abroad

PETROCHEMICALS
Three buyers in race for majority stake in Braskem

A new entity has entered the race to formerly known as Odebrecht, has been
buy a majority stake in Latin America’s long looking to sell its stake as part of
leading petrochemical company, Braskem, a broader restructuring. Proceeds from
according to a report by Bloomberg. any sale would be paid directly to
Novonor’s creditors, mainly large banks,
A third company is carrying out due which would still need to approve any
diligence on the company, the Brazilian deal as Novonor’s stake in Braskem is
firm’s Chief Financial Officer, Mr. Pedro pledged as collateral.
Freitas said on a recent conference
call with analysts, without disclosing Earlier in 2023, UAE’s energy giant,
the potential bidder’s name. Brazilian Officer of Brazil’s oil giant Petrobras, ADNOC had made a non-binding offer
newspaper Valor reported that Petro- Braskem’s second-biggest shareholder, for the majority stake in Braskem and
chemical Industry Company (PIC), a had said that he would like to see Bras- could become a partner with Petrobras
subsidiary of Kuwait Petroleum Corp., kem take on a new investor to replace if the deal goes through. This year,
is the third company. In February, Novonor, its troubled controlling share- Saudi’s SABIC was reported to have
Mr. Jean Paul Prates, Chief Executive holder with over 38% stake. Novonor, made overtures.

BOOSTING ELECTRIC MOBILITY
Dow plans new carbonate solvents facility on US

Gulf Coast

Dow has announced plans to invest “This investment is in line with products to help enable the clean energy
in ethylene derivatives capacity on the Dow and the US government’s goals transition while advancing the decar-
US Gulf Coast, including the production to enable reduction of greenhouse gas bonisation of our own operations.”
of carbonate solvents, critical compo- emissions in the mobility and trans-
nents to the supply chain of lithium- portation sector by investing in supply Carbonate solvents are an impor-
ion batteries. chain resiliency for domestic battery tant component of the electrolyte inside
and EV manufacturing,” a Dow press lithium-ion batteries, which help to
Dow said it is collaborating with note informed. enhance battery performance and lon-
the US Department of Energy (DoE) gevity, enabling the advancement and
Office of Clean Energy Demonstrations Mr. Brendy Lange, Dow Industrial adoption of electric vehicle technology.
(OCED) and was selected for award Solutions Business Vice President, said, They will expand Dow’s ‘MobilitySci-
negotiations to establish the carbonate “The support from the DoE is a criti- ence’ portfolio to address mobility in-
solvents facility. The project is supported cal enabler of this project, localising dustry challenges like decarbonisation
by agreements with customers, including the supply of low-carbon value-added and improving EV performance.
leading electric vehicle (EV) original
equipment manufacturers and electrolyte South Korea’s KCC to fully acquire
manufacturers.
Momentive
This facility will capture more than
90% of the carbon dioxide from the Momentive Performance Materials holder, SJL Partners LLC. “We are
ethylene oxide manufacturing process group, the US-based silicones specia- excited by the opportunities KCC’s
and will utilise it to produce carbonate list, is set to be fully acquired by South 100% ownership position will bring to
solvents needed for the electrification of Korean chemicals conglomerate, KCC Momentive and the broader KCC Cor-
vehicles and to strengthen the US power Corporation, its majority shareholder, poration,” said Momentive’s President
grid through energy storage. resulting in the exit of minority share- and CEO, Dr. Sam Conzone.

Chemical Weekly April 9, 2024 151

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