Layoffs, mostly in its specialty chemicals product lines, will eliminate about 10 percent of Cytec's headcount; the cost-cutting move is expected to save $85 million a year by the end of 2009.
Government of this small oil-rich state is confident it will not have to pay a $2.5 billion penalty for withdrawing from a $17.4 billion joint-venture with U.S. giant Dow Chemical Co.
New York judge gave LyondellBasell Industries approval to borrow over $2 billion after a subsidiary filed for Chapter 11 bankruptcy protection earlier this week.
U.S. arm and other affiliates of chemical giant LyondellBasell Industries have filed for bankruptcy as the recession continues to weaken demand for its products.
Dow Chemical Co. said Tuesday it will pursue legal action against a state-owned Kuwaiti company that pulled out of a K-Dow Petrochemicals joint venture agreement last week.
Resurgent economic jitters sent oil prices below $38 a barrel, as investors focused on the global slowdown that has dragged crude markets down some 60 percent this year.
Huntsman Corp. said Tuesday it received $425 million in payments from Hexion, the final installment of its $1 billion settlement for terminating an earlier buyout deal.
Collapse of a joint venture with a Kuwait company may make Dow Chemical less willing to pay the $15.3 billion pricetag for Rohm & Haas it initially agreed to last summer.
Specialty chemicals maker said its proposed acquisition is still in effect even though the Kuwaiti government has canceled a $17.4 billion joint venture with Dow Chemical.
Crude prices up slightly after a sharp decline overnight as investors weighed the impact of the global economic slowdown on demand against oil producers' decision to slash output.
South Korea-based SK Chemicals and Eastman Chemical Co. are forming a joint venture to build a manufacturing plant that will produce a raw material used in cigarette filters.
Oil prices hovered near 4½-year lows as persistent investor pessimism over global crude demand outweighed the news of OPEC's largest-ever production cut.
World’s No. 2 oil producer proved only a half-hearted helper to OPEC at a key meeting Wednesday aimed at boosting oil prices and distanced itself from talk of a union between the two.
Chemical producer on Wednesday said it will slash costs by more than $100 million in 2009, mostly by cutting jobs, in response to the current economic turmoil.
Petrochemical Industries, a Kuwaiti company, and Dow Chemical have delayed a decision on announcing a headquarters site for their joint petrochemicals venture until early next year.
U.S. oil consumption is expected to level off with virtually no growth between now and 2030 due to increases in energy efficiency and a rebound in oil prices, the government said.
Saudi Arabia said Wednesday OPEC will slash a record 2 million barrels from its daily production as of Jan. 1, while Russia and other OPEC outsiders announced their own cutbacks.
In its December Monthly Oil Report, OPEC said world oil demand was forecast to average 85.7 million barrels per day in 2009, down 150,000 barrels per day from 2008 levels.
Prices rose sharply toward $50 a barrel Monday as investors anticipated OPEC will announce a large production cut at its meeting this week.
Huntsman ended its $6.5 billion agreement to be taken over by Hexion Specialty Chemicals and agreed to a $1 billion legal settlement with Hexion's private equity owner.
Oil minister for Kuwait says OPEC is ‘undoubtedly inclined’ to cut production in its upcoming meeting in Algeria to shore up oil prices.
Chemicals maker said Monday it is cutting 5 percent of its work force to help it weather the global financial storm.
As OPEC meets in Algeria this week, attention has turned to Russia and whether the world's second-largest energy producer has the willingness, or the ability, to help stop tumbling prices.
International Energy Agency said global oil demand will shrink for the first time in a quarter-century as rich nations fall into recession and growth slows in the developing world.