Chemical news · Three minutes a day
Friday, October 16, 2026
Lead Story
Private Equity Firms Explore Bids for International Paper’s European Packaging BusinessLone Star and Atlas Holdings are evaluating bids for International Paper's European packaging unit worth under $6 billion, following the firm's planned spin-off to streamline North American operations.
Venture Global secured deals with GE Vernova and Baker Hughes for up to 16 new power generation units to support its LNG operations and AI data centers. The first order is expected by end of 2026, targeting 10 gigawatts of compute capacity by 2034.
Dangote Cement appointed Goldman Sachs and UBS as bookrunners for a planned $1 billion secondary share sale on the London Stock Exchange in November. The deal follows significant fundraising across Dangote’s industrial empire, including its petroleum refinery and fertilizer businesses.
Konstantin Sokolov, appointed to lead a $201 million US Caucasus fund, holds major Armenian mining stakes including a copper and molybdenum mine secured via OFAC license. Ethics experts question potential conflicts of interest as the fund prioritizes critical minerals and energy infrastructure.
US Secretary of State Marco Rubio plans to meet Reliance Industries' Mukesh Ambani to discuss energy cooperation and a proposed US oil refinery. The visit underscores Washington's engagement with the conglomerate amidst political tensions involving Elon Musk.
TotalEnergies expects Q3 refining margins to nearly quadruple to $33.2 per barrel as the Iran conflict drives up energy prices. Competitors Shell and BP are also reporting record or tripled margins due to global supply disruptions.
Saudi Aramco CEO Amin Nasser detailed rapid-response strategies enabling swift recovery from drone attacks on its infrastructure. Despite regional conflicts reducing output, the company restored operations quickly using specialized teams and local supply chains.
Chemical buyers remain reliant on Middle Eastern suppliers due to cost advantages despite Strait of Hormuz disruptions. Supply tightness has pushed polyethylene prices over 40%, impacting major producers like BASF and Dow.
The US government-backed Project Vault plans to offer up to $1 billion in loans to over a dozen manufacturers for procuring critical minerals. VaultCo aims to support the industrial supply chain by addressing specific needs for alloys, magnets, and processed materials.
US Treasury Secretary Scott Bessent urged World Bank reforms to finance upstream oil and gas and deep-sea critical minerals mining. The proposal also includes nuclear energy assistance and procurement policy adjustments.
ChemBrief