By Malini Hariharan There is finally some movement at Petronas. After last month’s joint announcement with BASF on a study for a Euro1bn investment in speciality chemicals, news has emerged that the Malaysian major is also exploring the feasibility of a new petrochemical complex at Kerteh. The complex would have a 1m tonnes/year ethane cracker […]
Asian Chemical Connections
Hambrecht Reportedly Attacks China Business Climate
Jurgen Hambrecht Source of picture: www.wiwo.de/unternehmen-maerkte By John Richardson BASF’S Jurgen Hambrecht has made highly critical and extremely high-profile comments about China’s business environment, according to the Financial Times. The CEO of the German chemicals giant is quoted as saying over the weekend – during a four-day visit to China by German chancellor, Angela […]
Global Chems Outlook: Pockets Of Strength And Weakness
Spain saves the world economy Source of picture: www.fifa.com By John Richardson GLOBAL chemicals sentiment seems to be muddled and confused as the constant flood of positive and negative macro economic data. Take last week’s American Chemistry Council (ACC) weekly report, for example, which at that time gave a clear indication that […]
Greek Bonds And Chemicals
Gillian Tett: Worth Listening To Source of picture: afponline.org By John Richardson The excellent journalist Gillian Tett, whose book on the financial crisis – Fool’s Gold is well worth a read – again hits the nail on the head in this piece in today’s Financial Times. She says that if the whole of […]
US Olefins Price Falls Could Be Turning Point
Flagging-up the dangers… Source of picture: http://www.illusionsofdander.com/2007/08/car-dealerships-and-flag-companies-may.html By John Richardson THE recent 22% and 18% falls in US spot ethylene and propylene prices might be a sign that this yeat’s price rallies have been more the result of stronger crude and petrochemicals re-stocking and supply constraints than sustainable demand increases. As my colleague Nigel Davis, editor of the Insight section […]
Jurgen Talks A lot Of Sense
Source of picture: http://www.referenceforbusiness.com/ By John Richardson GROWTH in Europe isn’t going to return to 2008 levels before 2012, said BASF CEO Jurgen Hambrecht on the release of the German diversified chemical giant’s financial results for last year.“ Overall, there are no signs of a self-sustaining, long-term recovery. We are still […]
Anxiety Builds Over China Growth
Will growth spread quickly enough? Source of picture: www.oraclemarketplace.co.uk By John Richardson Global chemicals production had returned to 2006 levels by October of this year, according to this slide ACCProduction09Versus06.ppt from the American Chemistry Council (ACC). Worldwide chemicals growth rates might not return to 2008 levels until 2012, Jurgen Hambrecht, CEO of BASF, warned […]
More Muddle And Confusion
By John Richardson Manufacturers yesterday reported rising output and improved employment prospects in the US, Europe and Asia. China’s Purchasing Managers’ Index (PMI), involving a survey of more than 700 manufacturers, increased for the eighth straight month in a row – and is now back to where it was in May 2008. This is exactly […]
Chemical execs go long on realism
Offsetting the risk of being over-optimistic? Source of picture: thetradingpit.net MAYBE there should futures contracts in realism versus recklessness. That way any senior company executive who wants to take a punt on next year being better than 2009 can offset the risk by going “realistic” on the futures markets – and, of course, vice […]
Chemicals company H2 complacency?
Chemical companies as a whole displayed “dangerously complacent” views about second-half 2009 prospects when they released their Q2 results late last week, argues chemicals analyst Paul Satchell in his blog. “They believe that demand has bottomed. Although they can’t see the upturn yet they believe the worst is definitely behind us,” writes Satchell. “This blog […]
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