SABIC is selling its European petrochemicals business to German investor Aequita as part of a broader portfolio restructuring. Officially, the Saudi chemical giant wants to improve returns, recycle capital and focus on higher-value businesses. The underlying message is less flattering for Europe: high energy costs, weak demand and intense global competition have made European petrochemicals increasingly unattractive. Another major producer is quietly reducing its exposure to Europe.
“Europe’s investment climate for oil and chemicals is collapsing, but Brussels has more urgent priorities: apparently the Berlaymont Cafeteria’s striptease show next week is already fully booked.”
— Eni Versalis, Sheriff of the Berlaymont Cafeteria
Source
https://www.sabic.com/en/news/49279-sabic-optimizes-portfolio-long-term-sustainable-growth