By Malini Hariharan Many Asian aromatics producers are optimistic that the worst is over and a gradual improvement in global demand coupled with firm Chinese demand will help them through 2009. There is also the expectation that a pressure on refining margins will lead to more plant closures which would also help the aromatics business. […]
Asian Chemical Connections
What’s next for Reliance?
By Malini Hariharan Reliance Industries appears to have hit the end of the road in its quest for LyondellBasell which has filed its own restructuring plan, rejecting a $14.5bn Reliance offer. LyondellBasell has said the Reliance offer was not “sufficiently valuable to abandon” its amended reorganisation plan. “The proposal…did not assure a higher overall value […]
China – An Opportunity And Threat
Source of picture: Dachangplastic.com By John Richardson WHAT a difference ten years have made in the plastics processing industry, according to a Southeast Asian converter who sees China’s machinery=manufacturing prowess as an opportunity and threat. “Ten years ago I considered buying a process machine from the US for $300,000 but it was just […]
Asia’s Polyester Producers Get Greedy
By John Richardson THE current glum mood in the Asian fibre intermediates chain is in stark contrast to the optimism in polyolefin and other petrochemical markets. A broad-based price rally has occurred following the end of the Chinese New Year (CNY) holidays belying fears, for the time being at least, that China’s credit tightening will […]
Time to get aggressive
By Malini Hariharan LyondellBasell’s board is reported to have rejected Reliance Industries’ revised $14.5bn buyout offer. The rejection is not surprising as LyondellBasell is said to have valued itself at $15.5bn in its restructuring plan. Reliance still has room to up its offer although financial analysts are worried that a high-priced deal would not be […]
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 […]
THE US: Recovery, What Recovery?
Source of picture: http://www.infiniteunknown.net/ By John Richardson CORE consumer prices in the US declined for the first time in December since 1982, according to the latest American Chemistry Council (ACC) Weekl;y Chemistry and Economic Trends report. And the ACC’s latest monthly set of forecasts – compiled through averaging the predictions of “a […]
Action in the propylene market
By Malini Hariharan Just when Asian propylene prices started easing comes news of disruptions in production and price hikes in the West. Propylene availability in Europe was hit after a strike by Total’s refinery workers early in the week resulted in the closure of 36% of France’s C3 capacity. This forced Total to declare force […]
Reliance makes it next move in quest for LyondellBasell
By Malini Hariharan It is not surprising to read that Reliance Industries has raised its offer for LyondellBasell by $1bn to $14.5bn. The blog had been told last month that a higher offer was one of the strategic moves that Reliance would have to make. The Wall Street Journal reports the new Reliance offer would […]
China Polyolefin Inventories Surge
A post-Chinese New Year dream…. Source of picture: http://www.scsa.net.au/ By John Richardson The large amount of polyolefins delivered to China over the past few months is causing further head-scratching and anxiety among producers and traders. One view, well rehearsed previously on this blog, is that this is further evidence of a speculative bubble […]
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