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Saudi Arabian Oil Company sells olefin business to Mitsubishi Corporation
ARLANXEO's olefins business produces butadiene and raffinate and is located in Sarnia Bioindustrial 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 is subject to customary closing conditions, including the required regulatory approvals. It is expected to end in the first half of 2021.
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 under which ARLANXEO will sell its olefin business to Mitsubishi.
2020-10-23
