Sabic and French energy giant TotalEnergies could be selling their jumbo US chemical plant in a USD 1 bn transaction,Bloomberg reported yesterday, citing sources it says have knowledge of the potential transaction. The business information service didn’t name the buyer; neither SABIC nor TotalEnergies would comment on the claim.

Plastic everything: The plant inCarville, Louisiana, produces styrene and polystyrene, which are used in the production everything from plastic packaging and disposable cups to insulation. The styrene plant is owned 50-50 between Sabic and TotalEnergies. The same site is home to a polystyrene plant wholly owned by TotalEnergies. Together, the two plants are the world’s largest styrene and polystyrene facility.

What we know: Total and Sabic have reportedly hired an advisor to prepare for the sale of the styrene and polystyrene production lines in Louisiana. Talks are still at an early stage, Bloomberg said.

BACKGROUND- TotalEnergies is a long-term Aramco partner. The two are building a USD 11 bn petrochemical project in Saudi Arabia, Aramco announced last December.

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