Dhahran, Saudi Arabia — Saudi Aramco has purchased the carbon dioxide to polyols business and technology of Novomer, sources close to the deal said in a telephone conversation on 2 November 2016.
Financial terms of the deal were not disclosed.
It is believed that Saudi Aramco will set up a Performance Materials Division which will house the business and there will be further investment in the Novomer process.
No further details were available.
In 2013 Saudi Aramco made an investment in Novomer through Saudi Aramco Energy Ventures (SAEV) at that time Novomer told the SEC that it had privately placed $15m stock with an undisclosed third party.
Jim Mahoney, Novomer CEO, said “We are extremely excited to have SAEV join the Novomer investment group. This investment will allow us to execute fully on our product development and organizational growth plans over the next several years."
