Venezuelan chemical industry news

Agreed with Venezuela and PDVSA to resume Petroquiriquire operations, ensure payments and raise output 50% in 12 months and 3x in 3 years if conditions hold; OFAC GL50A permits transactions.

Clariant divested its Venezuelan unit for USD 1.8M. The move affects 60 employees and will impact net profit due to a CHF 236M noncash reclassification, but not cash flow or EBITDA guidance.