INEOS calls for monthly Europe olefins pricing from 1 Jan

10 December 2008 17:56  [Source: ICIS news]

LONDON (ICIS news)--INEOS wants to establish a monthly olefins pricing mechanism in Europe from 1 January and continues to discuss this with suppliers, the company said on Wednesday.

INEOS announced its support, as a major olefins buyer, for a monthly contract pricing mechanism for ethylene and propylene in July this year.

The quarterly pricing mechanism, which INEOS said could lead to huge corrections in the monomer price, was no longer acceptable to the company’s derivative businesses nor their customers.

“Since that announcement the evolution of global oil prices and the unprecedented fall in global demand for ethylene and propylene derivatives currently has further highlighted the need for change,” INEOS said in a statement.

“A monthly pricing mechanism would allow the European chemical industry to react positively to these challenges and ensure that it remains responsive and competitive in the global market,” it added.

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By: Nigel Davis
+44 20 8652 3214



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