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S Arabia's Basic Chemical Industries eyes 49% of UAE's Union … – ICIS

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SINGAPORE (ICIS)–Saudi Arabia’s Basic Chemical Industries (BCI) is looking at acquiring 49% of UAE-based chlor-alkali manufacturer Union Chlorine for an undisclosed amount.
BCI has signed a non-binding letter of intent (LOI) with Union Chlorine partners – Oman Chlorine SAOG, Horizon Energy, MS Union Chlorine and Oman Industrial Development Company – on the acquisition, the Saudi producer said in a bourse filing on Wednesday.
The LOI will be in effect for 90 days from 13 July, during which BCI will conduct a due diligence on the Abu Dhabi-based company.
The acquisition should help BCI diversify its product base to include calcium chloride, and expand its markets to the UAE and access the export base of Union Chlorine.
Union Chlorine can produce 26,000 tonnes/year of caustic soda and 23,000 tonnes/year of chlorine at its site in Abu Dhabi, according to ICIS data.
Saudi Arabia’s BCI manufactures chlorine gas, hydrochloric acid, caustic soda, and sodium hypochlorite at a site near Dammam, according to the company’s website.
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