Deals
TotalEnergies, Sabic Mull Selling US Chemical Plant
- Plastic plant in Louisiana may fetch at least $1 billion
- Owners are working with an adviser on a possible sale
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French oil major TotalEnergies SE and Saudi Basic Industries Corp. are considering selling a jumbo US plant that make chemical ingredients used for everything from plastic packaging to disposable cups and insulation, people familiar with the matter said.
Total and Sabic are working with an adviser to prepare the sale of the styrene and polystyrene production lines in Carville, Louisiana, which together could fetch at least $1 billion, said the people, who asked not to be named discussing private information. Work is at an early stage, and the companies may eventually decide to keep the plant, the person said.