Page 167 - CW E-Magazine (12-11-2024)

News from Abroad News from Abroad

REORGANISATION South America, divesting nearly 70% waste for the production of this biogas, for the manufacture of hydroalcoholic
Lotte to dissolve loss-making Malaysian rubber JV; of its oil production assets compared to a replacement for natural gas. gels, which will be the fi rst facility of
its kind in Spain that uses green hydro-
2022. At the same time, it has launched
The company is also transforming gen and is capable of replacing raw
sell assets for $1-bn projects such as a 2-GW green hydrogen its chemical products portfolio towards materials of fossil origin with sustainable
facility and what it says will be South-
ern Europe’s largest second generation ever more sustainable solutions. Speci- materials.
South Korea’s Lotte Chemical said it will sell a 40% stake in Lotte biofuels plant in the southern Spanish fi cally, it already produces and markets
Corp. plans to liquidate its synthetic Chemical Louisiana LLC, its ethylene region of Andalusia. The company is LAB and phenol from renewable raw The new brand will be rolled out
rubber joint venture (JV) in Malaysia to glycol production unit in the US, for also progressing with its partners on the materials and energy sources. Further- progressively across its network of
scale back its basic chemicals business 660-bn won ($432-mn) this year. development of almost 30 biomethane more, it is building an isopropyl alcohol more than 1,800 service stations in
while selling stakes in its overseas units plants in Spain and projects to upcycle (IPA) plant in Huelva, the raw material Spain and Portugal, the company said.
to raise nearly $1-bn to cut debt. Lotte Chemical also plans to raise
some 700-bn won ($508-mn) by selling SECOND PRODUCTION LINE
Lotte Chemical said it has decided a stake in PT Lotte Chemical Indonesia,
to liquidate Lotte Ube Synthetic Rub- which is scheduled to launch commer- BASF Petronas Chemicals doubles production capacity
ber Sdn. Bhd. (LUSR) as the 50-50 JV cial operation of an ethylene plant with
with Japan’s Ube Elastomer Co., based basic chemicals business by 2030 amid a 1-mtpq capacity next year. for 2-ethylhexanoic acid in Malaysia
in Johor, is a non-core business with growing competition from Chinese
low profi ts. rivals in order to upgrade its portfolios Lotte Chemical’s debt to equity ratio BASF Petronas Chemicals Sdn Bhd
and focus on new growth sectors. The rose to 75.3% on a consolidated basis as (BPC), a joint venture between Germany’s
LUSR, which has capacity to pro- company, which is expected to report a of the end of fi rst half 2024, from 55.1% BASF (60% stake) and Malaysia’s
duce up to 50-ktpa of polybutadiene third straight year of losses since 2022, at the end of 2023. It is expected to fur- Petroliam Nasional Bhd (Petronas, with
rubber, has been in the red since the has been trying to dump unproductive ther unload ineffective assets as part of 40% stake), has announced that its sec-
plant launched commercial operation assets to enhance its fi nancial condi- a corporate restructuring exercise since ond production line for 2-ethylhexanoic
in 2015, except for 2021. “The disso- tions. The petrochemical unit of Mr. Lee took offi ce in April 2023. acid (2-EH acid) at the integrated site in
lution of LUSR is a part of restoration Korea’s sixth-largest conglomerate, Lotte Kuantan, Pahang (Malaysia), has success-
of fi nancial soundness and change of Group, already sold its entire stake in On the other hand, Lotte Chemical fully doubled production capacity
business portfolio,” commented Lotte JVs with Chinese partners last year and is expanding businesses such as acrylo- to 60-ktpa.
Chemical’s President & CEO, Mr. Lee is looking to sell units in Pakistan and nitrile butadiene styrene, polycarbonates
Hun Ki. “We will continue to proac- Malaysia. and other materials as they are more The 2-EH acid plant was fi rst set up in
tively respond to the ever-changing competitive than those of their Chinese 2016. The groundbreaking for the second
market according to the directions of Stake sale in US, Indonesian units rivals. The company invested 300-bn line took place in Q1 2023. As of the third
management strategies,” he added. Separately, Lotte Chemical said it won in Lotte Engineering Plastics, its quarter of this year, the production line is
plans to raise nearly $1-bn by selling subsidiary that manufactures materials fully operational, increasing the produc-
Lotte Chemical aims to halve its stakes in its overseas units. The company for vehicles and other products. tion capacity from the previous 30-ktpa.
CHANGE IN NAME
2-EH acid is used in the production
Spain’s Cepsa rebrands as Moeve to emphasise of synthetic lubricants as well as oil addi-

low-carbon strategy shift tives. It is also used in functional fl uids
like automotive coolants, metal salts for
paint dryers, plasticisers, stabilisers, cata-
Spain’s second-largest oil company mobility, focusing on green hydrogen, end of this decade. We are introducing lysts and other applications in various in-
Cepsa is changing its name to Moeve biofuels and electric mobility. a new brand that refl ects our steadfast dustries. In addition to the production site
to refl ect its shift towards low-carbon commitment to leading Europe’s energy in Kuantan, BASF also produces 2-EH
businesses. “I’m thrilled to announce that a great transition, particularly green hydro- acid at its site in Ludwigshafen, Germany.
brand, Cepsa, which has been with us gen, second-generation biofuels, and BPC’s Chairman Mr. Mazuin Ismail said
Owned by Abu Dhabi fund, for over 90 years, is transforming and ultra-fast electric mobility,” company in a statement that the increased capa- to meet it effi ciently and effectively, meet the rapidly growing demand for
Mubadala, and US-based private equity to tell the world that we’re becoming a CEO, Mr. Maarten Wetselaar, said, city strategically positions the company ensuring our customers receive top-qual- high-quality 2-ethylhexanoic acid in
firm, The Carlyle Group, Cepsa is different type of organisation, Moeve, to capitalise on growth opportunities in ity products promptly,” said Mr. Mazuin. the Asia Pacifi c region,” said BASF’s
investing up to €8-bn ($8.65-bn) to shift in which the majority of profi ts will Under its strategy, the company has the region. “With demand for our product Intermediates Asia Pacifi c Senior
to low carbon energy and sustainable come from sustainable activities by the sold upstream assets in Abu Dhabi and continuing to rise, we are well-equipped “This expansion enables us to better Vice-President, Mr. Michael Becker.

166 Chemical Weekly November 12, 2024 Chemical Weekly November 12, 2024 167

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