Job Cuts

ExxonMobil Chemical has broken ground on its technology center in Shanghai, China. The new center will provide product applications support as well as strengthen the company’s ability to serve its customers in China and the region. The initial investment in the technology center and related equipment is $70 million. The facility will house laboratories and product demonstration facilities, providing applications technical service and a range of application development capabilities for ExxonMobil's polymer products and plasticizers. Initially, it will have approximately 200 employees and is expected to be operational in 2010.

Potential Divestiture

Dow Europe GmbH has announced that it is exploring divestiture options for its Synthetic Rubber business. The exploration is driven by Dow’s ongoing efforts to streamline and improve the company’s portfolio of businesses. The business is located in central Germany with access to all key markets for synthetic rubber and includes five production plants and a research center.
 

Deal Signed

Sinopec Corp. has signed a framework agreement on strategic cooperation with Beihai city to set up a petrochemical zone in its Tieshan Port. The first step of the two-phase petrochemical base project, requiring a total investment budget of 10.4 billion yuan, is to rebuild the Beihai refinery in a new place, construct a port with an annual crude oil throughput of 300,000 tons and a crude oil storage facility with a capacity of 3.2 million cubic meters.

Logistics Center

The Dow Chemical Company will spend $200 million to create a logistics center of chemicals supply chain in Tianjin. The logistics center will provide liquid chemicals storage service and could handle 9 million tons of liquid chemicals per year. It will include liquid chemical tank areas as well as associated facilities, shipping dock, public utilities and other infrastructure.

Job Cuts

BASF SE will cut at least 2,000 jobs this year. The company did not specify where jobs would be cut, but said that it experienced lower sales and profits in all regions.