Controls "oil refineries".
Petrochemical Enterprises ended 2025 as a holding company with positive equity and wide covenant headroom, but with very thin free cash and near-total dependence on Bazan's dividends and share price.
Almost the entire payment story at Petrochemical Enterprises still runs through Bazan, but 2025 was not supported by ordinary operations alone: part of the room came from damage compensation and insurance recognition, while Cantium still looks more like a capital consumer than a…
After Series 11, Petrochemical still owns Bazan through a long claim waterfall: Series T controls the dividend pipe and the first lien, Series Y sits behind it with a deferred upside claim on Bazan, Series 11 only gets the full pledge after those two are gone, and the residual s…
