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9:26 AM, 8th August 2019
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ADNOC acquires 10% stake in hydrocarbon storage company VTTI

ABU DHABI, UAE: The Abu Dhabi National Oil Company (ADNOC) has acquired 10% equity stake in hydrocarbon storage terminal owner VTTI BV (VTTI). Following the transaction, VTTI will be owned 10% by ADNOC, 45% by IFM Global Infrastructure Fund (IFM GIF) and 45% by Vitol. VTTI is an independent global owner of 15 hydrocarbon storage terminals across 14 different countries. The VTTI storage network holds around 60 million barrels (9.5 million m3) of combined storage capacity, much of which is in lo ...

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9:26 AM, 8th August 2019
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ADNOC acquires 10% stake in hydrocarbon storage company VTTI

ABU DHABI, UAE: The Abu Dhabi National Oil Company (ADNOC) has acquired 10% equity stake in hydrocarbon storage terminal owner VTTI BV (VTTI). Following the transaction, VTTI will be owned 10% by ADNOC, 45% by IFM Global Infrastructure Fund (IFM GIF) and 45% by Vitol. VTTI is an independent global owner of 15 hydrocarbon storage terminals across 14 different countries. The VTTI storage network holds around 60 million barrels (9.5 million m3) of combined storage capacity, much of which is in lo ...

6:02 AM, 8th August 2019
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Teva CFO Michael McClellan steps down, citing personal reasons

JERUSALEM, ISRAEL: Teva Pharmaceutical Industries Ltd said that Michael (Mike) McClellan, Executive Vice President and Chief Financial Officer (CFO), has decided to step down from his role, due to personal reasons. Teva has initiated a search to identify its next CFO. McClellan is expected to remain in his role through the announcement of third quarter results to assist with a smooth transition. McClellan was appointed Teva's CFO in November 2017 after serving as Senior Vice President and Inte ...

7:03 AM, 22nd July 2019
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Camel dung fuels cement production in northern UAE

RAS AL-KHAIMAH, UAE: Thousands of tonnes of camel dung are being used to fuel cement production in the northern United Arab Emirates, cutting emissions and keeping animal waste out of landfill. Under a government-run scheme, farmers in the emirate of Ras al-Khaimah drop off camel excrement at collection stations. It is then blended with coal to power the boiler at a large cement factory. “People started to laugh, believe me,” said the general manager of Gulf Cement Company, Mohamed ...

9:09 AM, 28th June 2019
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Saudi Aramco, S-Oil sign MOU to build $6 billion steam cracker

SEOUL, SOUTH KOREA: Saudi Aramco has inaugurated S-Oil's new Residue Upgrading Complex and Olefin Downstream Comple­x. The new facilities feature the latest refinery technologies, which have raised S-Oil's petrochemical portion from 8 percent to 13 percent and includes high-value products such as propylne and gasoline. The inauguration also included the signing of a memorandum of understanding (MoU) between the two companies to collaborate on a $6 billion Steam Cracker & Olef ...

4:50 AM, 16th May 2018
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ADNOC, OCP to establish world-class fertilizers joint venture

ABU DHABI, UAE: The Abu Dhabi National Oil Company (ADNOC) and OCP Group of Morocco (OCP) have agreed to explore the phased creation of new global fertilizers joint venture. In a move that will accelerate the execution of both ADNOC and OCP’s international strategies. The proposed joint venture will build on both companies’ competitive advantages, namely ADNOC’s world-scale sulphur production, ammonia and gas expertise, and shipping and logistics network, and OCP’s acces ...

11:08 AM, 27th February 2018
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Honeywell, Equate ink MoU to boost Kuwait petrochemical plants

KUWAIT CITY, KUWAIT: Honeywell International (HON) and Equate Petrochemical Company have signed a memorandum of understanding (MoU), to further develop innovative technologies to support operations at Equate's industrial complexes. Equate is currently the owner and single-operator of several fully integrated world-class petrochemical complexes in Kuwait, North America and Europe. The company is Kuwait's first international petrochemical joint venture and ...

5:37 AM, 27th February 2018
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Israel Chemicals appoints IDI Insurance head as new CEO

TEL AVIV, ISRAEL: Israel Chemicals Ltd (ICL) has appointed Raviv Zoller as its new chief executive officer (CEO). Raviv Zoller (54) is the CEO of IDI Direct Insurance Company Ltd. Zoller is a qualified certified public accountant (CPA) and graduated from Tel Aviv University. Zoller was a partner in the establishment of Apax – Mutavim Investment Bank and in 1999 founded Ness Technologies, where he was CEO until 2007. “The search committee considered a number of exceptional cand ...

10:59 AM, 1st January 2018
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Borouge, Utico partner on longest water transmission pipeline

ABU DHABI, UAE: Borouge has partnered with Utico FZC, a water management and treatment solutions provider in carrying out the largest (polyethylene) PE100 water transmission pipeline project in the Gulf Cooperation Council (GCC). The highlight of the joint project was made as part of Borouge’s participation at Big 5, the international building and construction tradeshow, being held in Dubai from 26-29 November 2017. Borouge provided Utico, the largest private utility company in the region ...

11:00 AM, 28th November 2017
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Songwon increases price for polymer stabilizers globally

ULSAN, SOUTH KOREA: Songwon Industrial Co Ltd said that it is increasing prices for the majority of its polymer stabilizers. The increase will vary depending on product type: Antioxidants: 5 to 10 percent UV absorbers and thioesters: 5 to 15 percent The new prices will be effective from 1 December 2017. © Worldofchemicals News...

11:04 AM, 27th November 2017
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BASF inaugurates electronic materials plant in Yeosu, South Korea

SEOUL, SOUTH KOREA: BASF SE has started operations at a new electronic materials production plant in Yeosu, South Jeolla Province, South Korea. The new plant produces ultra-pure NH4OH (electronic-grade ammonia water) used in the semiconductor and display manufacturing processes. The facility is also now expanding its production of advanced mixtures for cleaning and etching solutions. The new plant features an advanced analytics laboratory as well as the ultra-pure utilities that are designed to ...

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