NPRA '08: Downturn will be like 2001/02 - Crotty
30 March 2008 22:46 [Source: ICIS news]
Video interview by Nigel Davis
SAN ANTONIO, Texas (ICIS news)--Derivatives demand will militate against the impact of global ethylene and polyolefins overcapacity on Europe, INEOS Olefins CEO Tom Crotty said on Sunday.
Speaking on the sidedlines of the 33rd National Petrochemical & Refiners Association (NPRA) conference, Crotty said there were already signs of weakening in
However, the cyclical downturn would not be excessively deep, he said, if demand from Asia and
He added that he expected the industry trough to run through 2009/1011 and for it to experience an upturn in 2012/2013.
“What we are not seeing is the second wave of investment coming on the back of this,” Crotty said inferring to earlier but now cancelled project plans.
Rising engineering and contractor price pressure has led to projects beings cancelled, he added.
“We see this recession but we will come out of it in relatively short order,” the INEOS Olefins CEO added. “The investment wave has passed,” he said.
“
However, the cyclical downturn would not be excessively deep, he said, if demand from Asia and
He added that he expected the industry trough to run through 2009/1011 and for it to experience an upturn in 2012/2013.
“What we are not seeing is the second wave of investment coming on the back of this,” Crotty said inferring to earlier but now cancelled project plans.
Rising engineering and contractor price pressure has led to projects beings cancelled, he added.
“We see this recession but we will come out of it in relatively short order,” the INEOS Olefins CEO added. “The investment wave has passed,” he said.
By: Nigel Davis
+44 20 8652 3214
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