EPCA ’10: No sign of renewed downturn for Europe chems - Crotty

03 October 2010 12:35  [Source: ICIS news]

(With video interview)

No sign of renewed downturn for Europe chems - CrottyBUDAPEST (ICIS)--The European chemical sector has enjoyed three quarters of strong demand and there are no signs of a renewed downturn, the president of the European Petrochemical Association (EPCA) said on Sunday.

Speaking on the sidelines of the EPCA’s annual meeting in Budapest, Hungary, Tom Crotty told ICIS that 2010 has exceeded most people’s expectations, with strong real demand coming down the supply chain from customer industries.

“The primary challenge is to ensure that what we have here is a sustained recovery in demand. I believe that’s what we’ve got. I don’t believe we’re seeing a simple refill of the pipeline. There is a fundamental pull through of demand from customers all the way through the chain,” he said.

Crotty, who is group director of INEOS, insisted there is nothing to suggest that a double-dip downturn is imminent. “There is nothing fundamental in terms of demand for our products that suggests a double dip,” he said.

The next challenge for the industry is planning accurately for 2011, he said.

“Everyone I speak to says they’ve got their budgets [for 2010] set so far below what they’re actually turning out that we’re embarrassed by it. The challenge is, because that was unexpected, what does it mean for 2011? It’s a tough call.”

Crotty said attendance at this year’s EPCA is up to nearly 2,000 from 1,700 last year.

“Maybe that’s an indication of recovery in Europe,” he said.

This year’s EPCA meeting runs from 2-6 October.

For more on INEOS visit ICIS company intelligence
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By: Will Beacham
+44 20 8652 3214

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