ARLANXEO Canada Inc., a subsidiary of the Saudi Arabian Oil Co., and Diamond Petrochemicals Canada Corp., a subsidiary of Japan’s Mitsubishi Corp., have announced the execution of an agreement between the companies, where ARLANXEO will sell its olefins business to Mitsubishi.

ARLANXEO's olefins business produces butadiene and raffinate, and is located at the Bio-Industrial Park Sarnia in Ontario, Canada. Mitsubishi expects to continue operations in Sarnia, with existing olefins employees transferring from ARLANXEO to Mitsubishi.

The transaction is subject to customary closing conditions, including required regulatory approvals. Closing is expected in 1H21.