Tug of War for Petronas and Gazprom for Star Energy
PETRONAS, a Malaysian state oil company had earlier made a bid for U.K storage developer Star Energy takeover. Star Energy is a prominent United Kingdom gas storage company with prospects including 26 oil and gas fields and a plan for a construction of 4.25 bcm offshore gas facility in the UK.
Talks are mounting on a rival bid from Russia's Gazprom for the takeover which deal amount is almost US$700 million from PETRONAS. Star Energy concluded that the bid undervalues the company. Gazprom is interested in buying land in Dorset that Egdon Resources which in total is planning to turn into a large underground gas-storage facility, media reports say.
Other interested parties including Total, Statoil, Hydro and Eni showing huge stalking interest in the company. Gas is well-known as the basic feedstocks for petrochemical plants.
Iran Buying Petrochemical Plant in Philippines
Iran has announced its plan to purchase and run a heavy and light polyethylene factory in the Philippines, said
Iran National Petrochemical Company (NPC) official. The factory which is worth Euro 300 million has the capacity of 220 ktpa. NPC managers will be running the plant with Filipino manpower for polyethylene export to Europe.
Iran National Petrochemical Company (NPC) official. The factory which is worth Euro 300 million has the capacity of 220 ktpa. NPC managers will be running the plant with Filipino manpower for polyethylene export to Europe.
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