Countdown to 2025! 44 Global Chemical Giants 'Slim Down': Plant Closures, Asset Sales, Layoffs...

Currently, SABIC has not disclosed the exact number of employees to be laid off; however, this production site directly employs approximately 330 people, with a similar number of contract workers. This shutdown follows SABIC’s April 2024 announcement of the permanent closure of its Olefins 3 steam cracker in Herleen, the Netherlands (with annual capacities of 550,000 tons of ethylene and 325,000 tons of propylene), further confirming its strategic retreat from European operations. 37. AkzoNobel In January, AkzoNobel announced a restructuring of its French operations, including a €22 million investment to transform its Montataire plant into a flagship facility for decorative coatings production, alongside plans to cut 211 jobs while creating 29 new positions. In May, AkzoNobel announced plans to close its production sites in Wapenveld (the Netherlands) and Machelen (Belgium), consolidating manufacturing into other regional facilities. Earlier, it had already announced closures of three other sites across Europe and Africa—in Groot-Ammers (the Netherlands), Cork (Ireland), and Lusaka (Zambia). In November, AkzoNobel and Axalta Coating Systems Ltd. reached a definitive agreement to merge, forming a global coatings company (AkzoNobel to hold 55% and Axalta 45%). In December, AkzoNobel completed the sale of its Indian subsidiary, AkzoNobel India Limited (ANIL), to India’s JSW Group. It also stated that it is selling its Pakistan business and expects further divestments in the future. Notably, in September last year, AkzoNobel announced plans to cut approximately 2,000 jobs globally by the end of 2025. 38. SGL Carbon In May, SGL Carbon decided to close its Lavradio production site in Portugal, which currently employs around 250 people and manufactures acrylic fibers and carbon fiber precursor. 39. Kraton Corporation On May 7, Kraton Corporation announced a strategic realignment of its business to sharpen focus on core competencies and accelerate long-term growth. As part of this initiative, the company will exit its Dover, Ohio (USA) manufacturing site and gradually discontinue its dimer and polyamide production lines. 40. H.B. Fuller In January, U.S.-based adhesive manufacturer H.B. Fuller announced plans to close nearly one-third of its global factories—reducing its total number of plants from 82 to 55—and significantly scale back its North American warehouse network—from 55 to just 10 facilities. 41. Shell In March, Shell announced a global reorganization of its chemicals business, exploring strategic partnerships for its U.S. chemical portfolio, while its European chemical operations may face partial or full shutdowns. In April, Shell completed the sale of its Singapore Energy & Chemicals Park—including refining and chemical assets on Pulau Bukom and Jurong Island—to a joint venture formed by Glencore and Indonesian chemical manufacturer PT Chandra Asri Pacific. 42. TotalEnergies In April, TotalEnergies decided to permanently shut down an aging steam cracker at its Antwerp refinery and petrochemical complex in Belgium by the end of 2027. The unit has annual capacities of 550,000 tons of ethylene and 230,000 tons of propylene. The 253 affected employees will have the option to retire or transfer internally within the Antwerp site.

Amid Iran War Fallout, Abu Dhabi Oil Giant Shifts Hundreds of Billions of Dollars Toward U.S. Natural Gas

Siddiqui positions XRG’s U.S. strategy as genuinely vertically integrated—spanning upstream gas production, pipeline transportation, processing and liquefaction infrastructure, and extending all the way to regasification terminals and end-user distribution networks in destination markets. He stated that the company is evaluating transaction formats including controlling acquisitions, joint exploration and development ventures, and minority equity investments. XRG currently holds an equity stake in the Rio Grande LNG project in Texas—a preliminary foothold in the U.S. market. Martin Houston, Chairman of Australian exploration firm Omega Oil and Gas and a seasoned industry veteran, offered a positive assessment: “XRG possesses the ambition, financial strength, and execution capability to pursue bold objectives—their determination to build a vertically integrated natural gas business is undeniable.” However, he cautioned that such projects are structurally complex and typically take several years to advance. Financial Advantages Amid Market Challenges On financing, XRG enjoys a distinct competitive edge. According to Alex Munton, Global Head of Natural Gas at Rapidan Energy Group, banks have grown cautious toward U.S. LNG projects amid concerns over global LNG oversupply—giving Middle Eastern investors with proprietary capital a clear advantage in funding. Yet market dynamics also pose challenges. Munton noted that XRG has missed two major construction booms—the first triggered by Russia’s invasion of Ukraine and the second by Donald Trump’s anticipated return to the White House. “The U.S. LNG market already hosts multiple strong players, all pursuing expansion. XRG must clarify its positioning within this established landscape.” XRG was founded just over a year ago and has already acquired assets in Egypt, Mozambique, and Azerbaijan—but larger-scale deals have progressed less smoothly: In September last year, the company withdrew its $19 billion acquisition offer for Australian oil-and-gas group Santos. Siddiqui declined to comment on external reports regarding XRG’s potential interest in acquiring stakes in Australia’s Northwest Shelf LNG project, but affirmed the company’s “clear interest” in Australian LNG assets. Strategic Pivot: From Low-Carbon to Natural Gas Focus In terms of business direction, XRG has executed a pronounced strategic shift.

XRG to Buy Shell’s Stake in Australian Project for $1.45 Billion

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Abu Dhabi’s XRG will acquire Shell’s stake in the North West Shelf liquefied natural gas project for $1.45 billion to expand Asia-Pacific access. The deal secures rights to a facility capable of liquefying 14.3 million tons of gas annually.

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