BASF, Ineos offered EU commission sell facility

BASF, Ineos offered EU commission to sell facility

11:51 AM, 23rd May 2011
BASF, Ineos offered EU commission to sell facility
BASF storage facility. (C) BASF Photos.

FRANKFURT, GERMANY: BASF SE and UK-based Ineos Industries Holdings Ltd offered to sell a plant to gain regulatory approval from the European Commission for their proposed joint venture, Styrolution, a BASF spokesman said Monday.

In November 2010, BASF announced plans for Styrolution with expected annual sales of more than 5 billion. The joint venture company would produce styrenics - a compound used to make synthetic plastics and rubbers.

According to BASF estimates, the plant doesn’t exceed 3 per cent of either pro-forma earnings before interest, taxes, depreciation and amortization (EBITDA), before exceptional items or pro-forma total assets of Styrolution Group GmbH for the year ended December 31, 2010.

Under the plan, Ineos will buy the other 50 per cent shareholding in its 50-50 styrenics joint venture, Ineos NOVA, from Canada-based NOVA Chemicals and transfer those activities to the new Styrolution group.

BASF and Ineos Industries - a wholly-owned subsidiary of Switzerland-based Ineos AG - expect “the commission will market test the proposed remedy,” adding that the venture is still subject to further approvals and consents.

© 2011 Dow Jones Newswires




Your Comments (Up to 2000 characters)
Please respect our community and the integrity of its participants. WOC reserves the right to moderate and approve your comment.

Related News

Arch Chemicals closes on new $ 375 million credit facility

  NORWALK, US: Arch Chemicals Inc has successfully completed a new, unsecured five-year $ 375 million credit facility which replaced its unsecur ...

Read more
SABIC focuses on Asia, plans polycarbonate plant in China

GUANGZHOU, CHINA: Saudi Basic Industries Corporation (SABIC) is growing its presence in Asia with new investments of two technology & innovation C ...

Read more
Lanxess renames its basic chemicals business unit

LEVERKUSEN, GERMANY: Lanxess has renamed its Basic Chemicals business unit as ‘Advanced Industrial Intermediates (AII).’ The new name esta ...

Read more
Foster Wheeler gets refinery revamp FEED contract in Thailand

  ZUG, SWITZERLAND: A subsidiary of Global Engineering and Construction Group, Foster Wheeler AG has been awarded a contract by Star Petroleum R ...

Read more
AkzoNobel expands US automotive repair distribution network

  AMSTERDAM, THE NETHERLANDS: AkzoNobel’s Automotive and Aerospace Coatings business is growing its automotive repair distribution network ...

Read more
OCI Nitrogen, Janus JV buys ammonia-methanol plant in Texas

  CAIRO, EGYPT: OCI Nitrogen (Netherlands), a subsidiary of Orascom Construction Industries (OCI), has acquired an integrated ammonia-methanol p ...

Read more uses cookies to ensure that we give you the best experience on our website. By using this site, you agree to our Privacy Policy and our Terms of Use. X