OxyChem up for sale

Occidental Petroleum Corp. (Oxy; Houston) is attempting to sell its chemicals business, OxyChem, for at least $10 billion, according to Chemweek.

Unnamed sources “familiar with the matter” expect a deal to be announced within weeks.

Shares in Oxy opened Monday, Sept. 29, at $48.77, up from a close of $47.46 on Sept. 26.

Oxy, which finished 2024 with about $24 billion in debt, has made reducing the figure to $15 billion a primary objective. During the first half of 2025, the company announced divestitures totaling nearly $4 billion.

“Through our high-grading efforts, we have strengthened our portfolio, divesting assets with limited near-term opportunities and growing our inventory of competitive high-margin opportunities,” Vicki Hollub, Oxy’s president and CEO, said during the company’s second-quarter earnings call on Aug. 7.

OxyChem is a producer of chlor-alkali, vinyls and polyvinyl chloride. Almost all of its production assets are located in North America. The company generated second-quarter net income of $160 million on sales of $1.3 billion.

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BASF has decided to exit the hydrosulfites business and will close the respective production facility in Ludwigshafen. As a result, the company will phase out the supply of Hydrosulfite F as well as HydroBlue® 90, HydroBlue® 92, Hydrosulfite Evo, Adlite, and Blankit, as per Hydrocarbonprocessing.

This decision is part of the ongoing strategic review of the production setup at the Ludwigshafen site and reflects the company’s commitment to focus on business activities with long-term value creation potential. The company will support the approximately 65 employees currently working in the hydrosulfites business in finding new roles within the BASF Group.

“Focus is a cornerstone of BASF’s Winning Ways strategy,” said Dr. Ramkumar Dhruva, President of BASF’s Monomers division. “By concentrating on profitability and long-term value creation, we are safeguarding the competitiveness of our business in a challenging economic environment. As we phase out our activities in the hydrosulfites business, we will work closely with our employees and customers to ensure a responsible transition.”

Hydrosulfites are used as reducing agents in the textile industry during the dyeing process and as bleaching additives in pulp and paper applications.

We remind, BASF’s Intermediates division has announced that its standard grade amine portfolio will soon be produced by 100% renewable electricity credited to the Geismar, Louisiana Verbund site.

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Russia will introduce a partial ban on diesel exports until the end of the year and extend an existing ban on gasoline exports, Deputy Prime Minister Alexander Novak was quoted as saying on Thursday, following a spate of Ukrainian drone attacks on Russian refineries, as per Hydrocarbonprocessing.

The attacks have reduced Russian oil refining by almost a fifth on certain days and cut exports from key ports. The fall in capacity to refine oil has pushed Moscow close to reducing crude output. Several Russian regions are facing shortages of certain grades of fuel.

Novak was quoted as saying there was a small deficit of oil products, but stockpiles were being used to cover the shortfall.

The diesel ban applies to re-sellers but not to producers. Industry sources said the volumes of diesel exported by traders from Russia are relatively small.

Around three-quarters of diesel exports are shipped by producers via the North and South pipelines which lead, respectively, to Baltic and Black Sea ports.

According to industry sources, Russia produced almost 86 MM tonnes of diesel in 2024, exporting some 31 MM tonnes. Russia and the United States are the world's top seaborne exporters of diesel.

The gasoline ban covers producers as well as re-sellers, but does not affect inter-governmental agreements between Russia and a number of other countries, such as Mongolia.

"We will soon extend the ban on gasoline exports until the end of the year, and a ban on diesel fuel exports for non-producers will also be introduced until the end of the year," Novak said, according to Interfax. "This will allow us to further supply the market with petroleum products," he said.

Low-sulfur gasoil futures' premium to Brent crude rose over 5% to $26.14 after the news, close to its highest since late July.

Fuel shortages widen. Fuel shortages have been widening across Russia.

Izvestia newspaper reported this week that Russia's No.2 oil producer Lukoil had banned the sale of gasoline in jerry cans at certain filling stations in Moscow.

Lukoil did not reply to a request for comment. Sergei Aksyonov, the head of Russia-controlled Crimea, said on Thursday that disruptions in fuel supplies were related to the closure of some oil refineries.

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Eni announced that it has received approval from the Italian Ministry of the Environment and Energy Security to convert selected units at the Sannazzaro de’ Burgondi (Pavia) refinery into a biorefinery, as per Hydrocarbonprocessing.

Eni has now started the authorization process and has filed an application for Environmental Impact Assessment (VIA).

The project involves converting the existing Hydrocracker (HDC2) unit using Ecofining™ technology and constructing a pre-treatment unit for waste and residues, which are the main biogenic feedstocks Enilive uses to produce HVO biofuels.

Hydrogen will be sourced from existing plants, while supporting infrastructure, including logistics, will be adapted for the new operations. Traditional fuel production will continue alongside the new production of HVO diesel and SAF-biojet for aviation, expected to begin in 2028.

The new biorefinery will not impact the capacity of the existing refinery; instead, it will operate alongside the existing facilities, enhancing the diversification of products.

Once operational, the biorefinery will have a processing capacity of 550,000 tonnes/year of feedstock, with flexibility to produce SAF-biojet and HVO diesel. The plants will process various biogenic feedstocks, mainly waste and residues. Through Enilive, Eni is already the second-largest producer of HVO (Hydrogenated Vegetable Oil) biofuels in Europe, including both diesel and biojet (SAF – Sustainable Aviation Fuel).

The new Sannazzaro biorefinery will strengthen the site’s strategic role in supplying traditional jet fuel and SAF to north-west Italian airports, via both the pipeline connection to Milan Malpensa airport and depots connected to the refinery near other airports.

The conversion of parts of the Sannazzaro de’ Burgondi refinery into a biorefinery underlines Eni’s commitment - through Enilive - to increase biorefining capacity from the current 1.65 million tonnes per year to over 3 million in 2028 and over 5 million in 2030, with the potential to produce up to 2 million tonnes of SAF annually by 2030. Today, biofuels are produced at Enilive’s biorefineries in Venice and Gela and at the St. Bernard Renewables LLC biorefinery (a 50% joint venture) in Louisiana (USA). A third Italian biorefinery is due to come on stream in Livorno in 2026, followed by two plants currently under construction in Malaysia and South Korea; a further biorefinery in Italy has been announced for Priolo, Sicily.

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Henkel announced the opening of its new Inspiration Center for Adhesive Technologies in Shanghai. With an investment of more than 60 million euros, the facility is designed to accelerate the development of impactful and sustainable solutions, foster deeper customer collaboration, and drive Henkel’s long-term growth in the Asia-Pacific region, as per company.

Located in Zhangjiang Hi-Tech Park, the 33,000-square-meter site brings together more than 500 scientists and technical experts from the fields of product development, application technology and technical services. It supports customers across a broad range of industries with leading solutions in adhesives, sealants, and functional coatings.

“The new Inspiration Center Shanghai reinforces our commitment to advancing innovation in the Asia-Pacific region by capturing the trends and needs of the region,” said Mark Dorn, Executive Vice President Adhesive Technologies at Henkel. “The concept leverages our advanced global innovation center approach that we introduced at our headquarters in Dusseldorf in 2022 and which is designed to transform technological know-how into impactful, sustainable innovations. The Inspiration Center Shanghai brings our portfolio to life for our customers and enables close collaboration internally and externally to increase the speed of innovation. This lays the foundation for Henkel?s future growth in the region.”

Built on a technology platform-based setup, the new site enables cross-industry collaboration and knowledge exchange. Advanced digital tools connect Henkel experts to the company’s broader global innovation ecosystem, supporting agile workflows and data-driven decision-making. The facility also houses a modern customer experience center that offers immersive interactions, welcoming partners from industry and academia to explore new ideas and discover opportunities for growth.

“The new center creates an inspiring working environment that fosters a culture of innovation,” said Nigel Fay, Corporate Vice President Innovation and Chief Technology Officer at Henkel Adhesive Technologies. “Through collaboration and co-creation, here we turn local insights into scalable solutions, deliver meaningful impact to our customers, and contribute to our global research network.”

As one of the most dynamic and diverse regions globally, Asia-Pacific plays a vital role in driving innovation and growth for Henkel. China, as a key market in the region, is at the forefront of emerging trends, fast-evolving customer needs, and sustainable development. The new facility enables Henkel to deepen its understanding of industrial shifts, address unique market demands, and deliver greater value to customers across the region.

“Asia-Pacific is a region of tremendous potential, and China stands out as a key engine of innovation and growth,” said Carmen Chua, President of Henkel Asia-Pacific. “With the new center, we are staying closer to our customers and responding to their needs more quickly and effectively. This also marks an important milestone in Henkel’s continued investment in China, strengthening local innovation and achieving shared success with our partners.”

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