How to buy petro chemicals on eBay
Petrochemicals, a chemical company that makes chemicals for the petro industry, has lost its US$9 billion market share and is facing an impending bankruptcy.
Petrochemics chief executive officer and former Goldman Sachs trader William Full told Reuters news agency that the company was about to go under, and that it was too soon to comment further.
Petrochemical stocks have dropped in the last 24 hours.
It is not clear how much the company will be worth.
Full, who has not been named publicly, told Reuters that PetroChemics had already taken a $1.8 billion writedown and was not in a position to raise additional funds for the next year.
However, he said that he believed it would be a difficult sell, especially if the company’s financial problems were to worsen.
Petroglyphs are among the biggest in the petroglychemical industry, making petro chemical products.
A total of 20 petro chemicals are made at Petrochemical.
The company was founded in 2002 by former Goldman Sachs trader William J. Full, who sold the company to Goldman Sachs in 2010 for $1 billion.
Petrogenic chemicals are used to make petro-chemicals for industrial processes.
“The Petro-chemical market is very saturated and I think the market has peaked,” Full told CNBC news agency in May.
US petro manufacturers are making about $7 billion a year, according to a recent Reuters article.
Petrosa’s market share has been steadily declining for years.
In 2016, the US company lost US$1.3 billion, according a report from data company Euromonitor International.
According to Euromonitors, the share of petro Chemicals fell to 6.6% from 7.4% in 2016.
At the end of March, US petro chemist stocks were down 4.4%.