According to news from Oil and Gas Engineering on October 17, ARLANXEO Canada, a subsidiary of Saudi Arabian Petroleum Corporation, and Diamond Petrochemical Canada, a subsidiary of Japan’s Mitsubishi Corporation, announced the execution of an agreement between the two companies, ARLANXEO will sell its olefin business To Mitsubishi.
ARLANXEO's olefin business produces butadiene and raffinate, located in the Sarnia Bio-Industrial Park in Ontario, Canada. Mitsubishi expects to continue its business in Sarnia, and existing olefin plant employees will be transferred from ARLANXEO to Mitsubishi.
The transaction must meet the usual closing conditions, including the required regulatory approval. It is expected to end in the first half of 2021.
Source: Chemical Network
