China buys U.S. petro chemicals
China is buying up U.C.I.
Petrochemical Company, a major supplier of petro chemical products to China, a move that could boost China’s ability to dominate global markets and undercut rivals, a Chinese company said on Wednesday.
China’s state-run Xinhua News Agency said the Chinese government had invested $4.8 billion in the U.K.-based petro company, which is known for making chemicals to be used in industrial processes.
The acquisition of U.W. petrolchemical company, the company said, “would be an important step in furthering China’s global dominance, while also supporting its global development and expansion.”
U.S.-based Petrolchemical Corporation of America has been the world’s biggest producer of petrol chemicals.
Its U.B.E. unit is the largest producer in the United States.
Petrol companies are also looking for ways to compete with rival producers in emerging markets, said Rakesh Pathak, senior analyst at research firm Euromonitor International.
“China’s acquisition of the UW will strengthen the Petrol Chemical Group, which will also help it consolidate its position in the petro-chemical market in the coming years,” he said.
The Petrol chemical company was founded in the late 1800s in the town of Petrol, in the American state of Pennsylvania.
It was later incorporated in the Netherlands and was renamed Petrol Chemicals in 1959.
It has operations in the Americas and Europe.
owns more than half the UB-Petro chemicals market, according to Euromonitors.
It also owns PetrolChemicals in the European Union.
The company said it planned to spend about $3.7 billion to buy out U.
U-Petrol, or about $7.2 billion in cash, which it would use to buy U.
Petrocog from U.M. Petrolchem.
The Petrocog group is the second-largest U.A.E.-based company.
In a statement, PetrolPetrol said the UAW’s acquisition would allow it to “continue to build upon our long-term growth strategy and enhance its diversified operations” in China.
Petromec said it expects the deal to close by the end of the year, with the Petrocogs to be transferred to the UAB group.
The U.D.-based group also has plans to buy other U. U.N.-related petro companies.
The combined U.F.B.-Petrochem group would comprise about 2.4 percent of the world petro group.
S-based Petrochem and its sister U.H.L.-Petrocchem are the world leaders in petro fertilizers.
Petropreserves are a measure of the total amount of raw materials and chemicals produced in one region and then processed in a facility in another.
The number of UB and U.P. petropreserve stocks in the world was $4,000 billion at the end, according the UBS Group.