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Global Chemicals Quick Review
Investors asked Dow Chemical and DuPont to revise the combined split plan
Dow Chemical and DuPont will close the M&A deal by the end of this month, and management is under pressure
from activist investors to revise the spin-off plan of the newly formed Dow Chemical DuPont Company as the closing date approaches.
In May, Third Point, an investment fund run by activist investor Daniel S.
Loeb, proposed that Dow Corning's silicone business should go into specialty products after the merger of Dow Chemical and DuPont
, which is currently planned to be classified as Materials Science.
Glenview Capital Management, another Dow shareholder, has also publicly voiced concerns
.
Investment firm and Dow Chemical shareholder Jana Partners and DuPont investor Trian Fund Management have also consulted with Dow Chemical and DuPont management about the split plan
.
Russian oil majors are considering expanding refining operations in the European Union and the United States
Amid declining profitability in the domestic market, Rosneft and Rosneft are considering expanding the EU and US refining markets
.
Rosneft plans to expand its presence
in the EU and US refining markets by acquiring new refineries and expanding the capacity of existing refineries.
To reach these targets, the company already plans to invest up to $2.
48 billion to expand its refining operations in the EU and the US by 2018, with the potential for increased investment
.
To this end, at the end of 2016, Rosneft and BP have dissolved their refining joint venture in Germany, Ruhr Oel GmbH (ROG), which will become direct shareholders in Bayernoil Refinery, MiRO Refinery and PCK Refinery, which will hold 25%, 24% and 54.
17%
respectively.
U.
S.
oil and gas M&A transactions remained active in the second quarter
According to PwC's latest report, the U.
S.
oil and gas industry announced 50 large M&A transactions (each worth more than $50 million) in the second quarter of this year, with a total deal value of $37.
01 billion
.
While M&A deal value in the quarter was only about half of the first quarter, it was still the third highest
in the same period in the past eight years.
The total value of U.
S.
oil and gas M&A deals in the first half of the year reached $110 billion, the strongest half-year
performance in the same period in the past eight years.
In addition, U.
S.
oil and gas M&A deals in the U.
S.
oil and gas sector reached $258 billion in the past four quarters, historically below the same period in
2014.
In line with historical trends, the U.
S.
oil and gas upstream sector dominated in the second quarter of this year, announcing 29 large M&A transactions, accounting for 58% of the number of M&A transactions in the U.
S.
oil and gas industry, with a total deal value of $19.
98 billion
.
The demand pattern for lubricants in North America is shifting
The latest research report from Clariant Consulting reports that demand for finished lubricants in the United States is expected to grow modestly at an average annual rate of 0.
2% over the next five years, with Mexico growing rapidly at an average annual rate of 1.
3% and Canada declining
at an average annual rate of 0.
4%.
At present, the annual demand of the North American finished lubricant market is about 3 billion gallons, of which the United States accounts for 80%~85%, while Canada and Mexico both account for 5%~8%.
Sushmita Dutta, project manager at Clariant Consulting, said: "The current demand for finished lubricants in Canada is slightly higher than in Mexico, but Mexico is growing rapidly and it is expected that Mexico will surpass Canada to become the second largest market for finished lubricants in
North America in the future.
Clariant Consulting said that the size of a country's lubricant market is basically proportional
to the size of the country's economy.
The United States, Canada and Mexico currently have GDP of $18.
5 trillion, $1.
5 trillion and $1.
05 trillion
, respectively.
