MILAN, Italy (Oct. 11)—Saudi Basic Industries Corp. is among the parties interested in bidding for Enichem S.p.A., the petrochemical unit of Italy's oil and gas major Gruppo Eni, which recently signaled its intentions to seek alliances for petrochemicals in order to reduce their importance to the group's portfolio. An Eni spokeswoman declined to identify any other interested parties. Enichem reported sales of $5.55 billion last year, with elastomers representing $483 million. Enichem sold 502,000 metric tons of elastomers—SBR, EPDM, polybutadiene and TPEs—last year, according to company documents. Eni signaled the start of its alliance/divestiture strategy in February, selling its polyurethanes business to Dow Chemical Co. Riyadh, Saudi Arabia-based Sabic was established in 1976 to add value to Saudi Arabia's natural hydrocarbon resources. Sabic Polymers has capacity for polyethylene, polypropylene, PVC, and polystyrene.
Saudi Basic courting Enichem for possible buy
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