BASF to sell majority stake in paint subsidiary BASF Coatings

German chemical company BASF will sell a majority stake in its BASF Coatings coatings business to funds managed by the Carlyle Group and the Qatar Investment Authority, said the company.

The transaction, subject to regulatory approval, is expected to close in the second quarter of 2026. The company will retain a 40% stake in the business and receive approximately €5.8 billion, according to Carlyle.

BASF Coatings produces and markets advanced, sustainable automotive coatings for OEM and refinish applications, as well as surface treatments for metal, plastic, and glass across a wide range of industries. It operates in Europe, North America, South America, and the Asia-Pacific region. In 2024, the company's sales were approximately €3.8 billion.

"Working closely with management, Carlyle will support the business's future growth by investing in its commercial potential, innovative portfolio, and organizational structure to enhance customer focus. Carlyle will leverage its extensive experience and strong track record of successfully spinning off industrial and chemical assets, building on its previous investments in Axalta, Atotech, and Nouryon," the document states.

Previously, BASF closed the sale of its Brazilian decorative paints business. The transaction price was $1.15 billion on a debt-free and cash-free basis.

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Pakistan hopes for help from Russia's Gazprom to develop onshore and offshore oil and gas fields, Pakistani Petroleum Minister Ali Pervaiz Malik said during a plenary session of the St. Petersburg International Gas Forum (SPMGF-2025), as per Interfax.

"Prime Minister Shehbaz Sharif and the entire government have committed to carry out reforms to ensure greater stability for our gas market, together with our friends, such as Russia, and my comrade [addressing Gazprom CEO Alexei Miller], who is absolutely right. We look forward to his visit to Pakistan to help us develop opportunities to tap our exploration potential for gas on land and on the country's shelf," he said.

Malik said Pakistan was an underexplored market where hydrocarbons were concerned. Investments in upstream are not enough today, so the country has to import gas from many countries. "This is a big challenge for the government. The gas sector's stability and energy security are at risk," he said.

He said another task of the country's leadership was to make gas exports more flexible, to move away from long-term take-or-pay contracts. "There are four seasons in Pakistan: it can be very hot here, and in winter the temperature drops below zero, so we need supply flexibility," he said.

Malik also recalled that Pakistan had one of the longest gas pipeline networks, about 200,000 km, and gas for households was subsidized by the state. "But these subsidies are imposed on prices in other sectors, which prevents the wider use of gas as a fuel. So we are trying to achieve deregulation, to exclude cross-subsidization," he said.

Gazprom and Pakistani Oil and Gas Development Co. signed a memorandum of understanding on the sidelines of the PMGF-2025 on October 8.

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Russia's state-owned energy company Gazprom and the government of Kazakhstan have signed a memorandum of understanding to build a new gas pipeline from Russia to Kazakhstan, Gazprom said in a statement, as per Interfax.

The memorandum was signed during a working meeting between Gazprom CEO Alexei Miller and Kazakh First Deputy Prime Minister Roman Sklyar.

The parties emphasized their commitment to long-term cooperation, noting Kazakhstan's increasing demand for natural gas.

They also signed a long-term agreement setting out the terms and conditions for processing Kazakh gas in Russia. The document formalizes cooperation on processing gas from the Karachaganak field at the Orenburg Gas Processing Plant, which is slated for modernization.

Miller also held a working meeting of with Kyrgyzstan's energy minister, Taalaibek Ibrayev. "They discussed current and prospective issues of cooperation in the gas sector, in particular the supply of Russian gas to the republic and efforts by Gazprom Kyrgyzstan LLC to preparation gas transmission and gas distribution systems in Kyrgyzstan for the autumn-winter period," the press release says.

In addition, Miller met with the Pakistani Petroleum Minister Ali Pervaiz Malik. "The parties discussed promising areas of cooperation in the gas industry. In the presence of Alexei Miller and Ali Pervaiz Malik, a memorandum of understanding was signed with Oil and Gas Development Company Limited (Pakistan)," the information says.

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Pilot Chemical Co. (Cincinnati, Ohio) CEO Mike Clark is retiring on Dec. 31 and joining the board of directors, the company announced earlier this month, as per Chemweek.

Clark, who has been CEO since 2022, will be succeeded by Christian MacIver, currently president and COO.

MacIver, who joined Pilot in early 2023, was previously vice president/global supply chain at Ingevity Corp. She is currently a member of the American Cleaning Institute’s board of directors.

“Christian is the perfect person to lead the company and to build upon the strong base that she and Mike have established,” said Paul Morrisroe, chairman of the board of directors.

Pilot is a privately owned producer of specialty surfactants.

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Ethylene prices edged lower in the Asian region last week, as per Polymerupdate.

A sluggish purchase momentum coupled with ample regional product availability contributed to the price fall. A drop in upstream energy values further supported the pricing downtrend.

On Friday, FOB Korea ethylene prices were assessed at the USD 745-755/mt levels while FOB Japan ethylene prices were assessed at the USD 740-750/mt levels, both lower by USD (-20/mt) from the previous week.

CFR North East Asia ethylene prices were assessed at the USD 780-790/mt levels while CFR South East Asia ethylene prices were assessed at the USD 775-785/mt levels, both declined by USD (-20/mt) from last week.

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