Petrochem is bleeding

Lyondell Basel files for bankruptcy. Kuwait calls of K-Dow (Dow JV) five days before it is scheduled to close, complicating Dow's acquisition of Rohm and Haas. Hexion-Huntsman can't merge because the combined company will go bankrupt. 

But Reliance stands tall in India. Am I missing something about Reliance? This is going to be a very interesting quarterly report from Reliance. 

Quote of the day from Jim Grant: Treasuries now offer return free risk.