Shell has completed the $820m sale of its 50% stake at Saudi Arabia’s petrochemical joint venture SADAF to the country’s chemicals major SABIC, the Anglo-Dutch energy major said on Wednesday.
The deal was announced in January as part of Shell’s $30bn divestment programme in order to reduce its debt obligations.
Despite the SADAF divestment in a growing petrochemical producing region like the Middle East, the company said at the time of the announcement chemicals would remain an “engine growth” within its portfolio.
Meanwhile, chemical analysts framed the divestment within Saudi Arabia’s drive to diversify its economy from purely extraction and production of crude oil into more downstream sectors, as part of its Saudi 2030 modernisation programme.
By Jonathan Lopez
Source: ICIS News
Researchers have developed a new chemical process capable of vaporizing plastics and converting them into hydrocarbon building blocks for new materials. This catalytic process breaks down two of the most dominant types of post-consumer plastic waste — PE and PP — into monomers, offering a potential solution to packaging waste management.
On 2 September 2024 it has been agreed that Heikki Malinen will assume the role of Neste’s President and CEO on 15 October 2024. He succeeds Matti Lehmus, who will continue as the President and CEO of Neste until 14 October 2024 and then act as an advisor to the company and its management until mid-November 2024 to ensure a smooth transition.
Eni SpA (Rome) and Azerbaijan’s state energy company Socar (Baku) have signed a memorandum of understanding (MOU) for potential cooperation in the biofuels production chain, including the possible conversion of conventional crude oil refineries into biorefineries. A schedule for potential projects was not given.
