Business Roundup | Chemical & Engineering News
Volume 90 Issue 29 | p. 23 | Concentrates
Issue Date: July 16, 2012

Business Roundup

Department: Business

Reliance Industries has picked Technip to provide process technology and engineering services for its new ethylene cracker in Jamnagar in the Indian state of Gujarat. Reliance has not yet disclosed the capacity of the new cracker, but it will be one of the world’s largest, the company says.

Saudi Aramco has launched a venture capital unit to invest in start-up and high-growth technology firms. Saudi AramcoEnergy Ventures says it will make investments in renewable energy, water, and energy efficiency businesses.

Huntsman Corp. has bought the 55% stake it did not already own in Huntsman NMG, a Russia-based polyurethanes joint venture. Huntsman set up the venture in 2006 with NMG, a polyurethanes maker with headquarters in Obninsk, near Moscow.

W.R. Grace has acquired Brazilian concrete admixtures maker Rheoset Indústria e Comércio de Aditivos. The firm adds 58 employees and capacity in Rio de Janeiro and Recife to Grace’s existing operations at Sorocaba and Bahia.

Bharat Petroleum of India and LG Chem of South Korea plan to build a petrochemical plant adjacent to Bharat’s refinery in Kochi, India. A fluid catalytic cracker set to open in 2016 will generate 500,000 metric tons per year of propylene and allow Bharat to enter the chemical business, the partners say.

Aesica says it will create up to 100 new jobs at its Queenborough, England, plant by 2015 as part of expansion plans for the site. The contract pharmaceutical manufacturer acquired the site from Abbott Laboratories in 2007.

ATMI has formed a joint development agreement with IBM aimed at solving wet-chemistry challenges in the production of semiconductors with 14-nm circuit lines. ATMI says the two-year agreement could result in new chemical formulations for the cleaning of semiconductor wafers.

ADC Therapeutics and Cancer Research Technology, the commercial arm of the nonprofit Cancer Research UK, will jointly develop antibody-drug conjugates for use in oncology. The biotech firm’s pyrrolobenzodiazepines will be linked to anti­bodies and peptides developed by the nonprofit.

Audeo Oncology, a spin-off from the Australian biotech firm Alchemia, has filed the paperwork for an initial public offering of stock. The company has developed drug delivery technology that links a cancer drug to hyaluronic acid, which binds to the CD44 receptor on tumor cells. Audeo hopes to raise as much as $60 million through its IPO.

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