Chemicals

BARCELONA (ICIS)–European polyethylene (PE) markets face growing pressure from cheaper imports, highlighting the impact of rising overcapacity driven by China and the US. Plants in Europe operating at technical minimum levels Minimal stocks held amid plentiful supply Demand poor across most end uses, packaging stronger Europe will see more PE imports as global overcapacity grows More polymer plant closures are likely in Europe and other high-cost regions US has more to lose from trade war as it is a major exporter of PE to China Trade flows could change dramatically if tariff walls go up Supply/demand imbalance may take up to nine years to correct In this Think Tank podcast, Will Beacham interviews ICIS markets editors Vicky Ellis and Ben Monroe-Lake plus ICIS market development executives Nigel Davis and John Richardson. Editor’s note: This podcast is an opinion piece. The views expressed are those of the presenter and interviewees, and do not necessarily represent those of ICIS. ICIS is organising regular updates to help the industry understand current market trends. Register here . Read the latest issue of ICIS Chemical Business. Read Paul Hodges and John Richardson's ICIS blogs.

12-Dec-2024

HOUSTON (ICIS)–A new gas pipeline set to be built by Energy Transfer should provide support for natural gas and ethane prices in the Permian producing basin, lowering the likelihood that US chemical producers see another period of ultra-low costs for the main feedstock used to make ethylene. Energy Transfer's new Hugh Brinson pipeline, previously known as Warrior, will ship natural gas from the Waha Hub in West Texas, to Maypearl, Texas, which is south of Dallas. The first phase of the project will ship 1.5 billion cubic feet/day of natural gas. Operations should start by the end of 2026. Depending on demand, Energy Transfer could concurrently start construction on a second phase that will increase the pipeline's capacity to 2.2 billion cubic feet/day. Energy Transfer's pipeline is the second major one announced in the past six months. Earlier, a new joint venture announced Blackcomb, a pipeline that can ship up 2.5 billion cubic feet/day of natural gas from the Permian basin to the Agua Dulce area in south Texas. Blackcomb will be developed by joint venture made up of Targa and WPC, itself a joint venture made up of WhiteWater, MPLX and Enbridge. NEW PIPELINES TO SUPPORT ETHANE BY REDUCING LIKELIHOOD OF NEGATIVE WAHA PRICESThe two new pipelines should provide West Texas with sufficient capacity to take away natural gas from the Waha Hub and prevent regional prices from falling below zero. The Waha Hub is the main pricing point for the natural gas produced by the oil wells in the Permian basin. Prices at the hub spent much of 2024 below zero because existing pipeline capacity was insufficient to take away excess supplies, which were growing because of rising oil production and gas-to-oil ratios across the basin. When gas prices at Waha fall below zero, it creates a powerful incentive for processing plants to recover as much ethane as possible from the gas stream. Any ethane that remains in the gas stream is sold for its fuel value. When gas prices are negative, producers are unable to capture any value for the ethane left behind. By maximizing ethane recovery, processing plants also free up existing pipeline space, allowing more natural gas to be taken out of West Texas. The surge in ethane recovery increased the amount of the feedstock available to the market. At one point in 2024, ethane prices fell below 12 cents/gal, a low not seen since the COVID pandemic. Since that low, the start up of the Matterhorn Express pipeline has increased takeaway capacity in the Permian, which caused Waha gas prices to rise above zero. Colder temperatures also supported prices for natural gas by increasing demand. Ethane prices are now trading above 20 cents/gal. LNG, ETHANE TERMINALS ALSO INFLUENCE COST FOR CHEM FEEDSPricing at the Waha Hub is one of the many factors that can influence the cost of ethane for chemical producers. Maintenance on one or more of the pipelines that takes away gas from the Permian basin can also depress Waha prices and, potentially, those for ethane. The proliferation of liquefied natural gas (LNG) terminals on the Gulf Coast is playing an increasing role in natural gas and ethane prices. These terminals are vulnerable to disruptions caused by hurricanes and tropical storms that pass through the Gulf of Mexico. These storms can disrupt LNG operations and temporarily shut down a large source of gas demand in the US. If the outage lasts long enough, it can cause a meaningful increase in US supplies of natural gas. That can lower prices for gas as well as the recovery cost for ethane. Midstream companies are increasing their capacity to export ethane overseas, which should support prices for the feedstock. Enterprise is adding 120,000 bbl/day of capacity via the first phase of the Neches River Terminal project, scheduled to come online in mid-2025. A second phase, due online in the first half of 2026, will add up to another 180,000 bbl/day of ethane export capacity. Enterprise and Navigator are adding ethane export capabilities as part of the expansion projects at their existing ethylene terminal in Morgan's Point. Energy Transfer is also adding 250,000 barrels/day of flexible export capacity, which is scheduled to start up during the second half of next year. Similarly, new crackers will increase demand for ethane. The only confirmed new US cracker is a joint-venture cracker that Chevron Phillips Chemical and QatarEnergy should start up in late 2026 in Texas. Shintech could build a cracker in Louisiana, but the company has yet to announce a final investment decision (FID). Insight article by Al Greenwood Thumbnail shows natural gas. Image by Hollandse Hoogte/Shutterstock

11-Dec-2024

SINGAPORE (ICIS)–Click here to see the latest blog post on Asian Chemical Connections by John Richardson: It is that time of the year again when analysts need to put their reputations on the line and make forecasts for the following year. So, see below five forecasts for 2025 with detailed descriptions as follows: There will be enough new capacity coming onstream next year to push China closer to self-sufficiency in some chemicals and polymers such as polypropylene (PP). The boat has already sailed on products such as purified terephthalic acid (PTA) and styrene where China has, in recent years, swung into net export positions. What will further bolster China’s self-sufficiency will be China’s long-term decline in demand growth. China’s operating rates will be higher than sometimes assumed, as it will prioritize self-sufficiency, and potentially more exports (see point 3) over individual plant economics. We are seeing a long-term shift in global growth momentum to the much more populous and much more youthful mega region of the Developing World ex-China. Part of this process involves relocation of manufacturing capacity from China to countries such as Turkey, Mexico, Vietnam and India for cost and geopolitical reasons, and this will continue in 2025. Deals will be done by the Trump administration on tariffs as competitively priced imports will have to come from somewhere – and because of the intricate and complex integration of manufacturing supply chains. Since 2021 and the Evergrande Turning Point, China had doubled down on exports up and down manufacturing chains, reducing the room for competitors in low, medium and high-value industries. This includes its switch to net export positions in products such as PTA and styrene, and the potential for this to happen in products such as PP,  acrylonitrile butadiene styrene (ABS) and polycarbonate (PC). I, therefore, believe that antidumping, tariff and other protectionist measures against China will accelerate in 2025. China will respond in kind. First came the pandemic-related disruptions to global container shipping and, since February of this year, we’ve had to contend with the Houthi attacks on shipping that have disrupted access to the Suez Canal via the Red Sea. Access to cost-efficient and prompt logistics will remain a key competitive advantage in 2025 for chemicals companies as global trade flows will remain disrupted for whatever reasons. The ICIS numbers tell us that because of disappointing Chinese demand, and the scale of global capacity closures required to bring markets back into balance, a new upcycle in 2025 is a very remote possibility. Expect no upswing for at least the next three years because of the scale of the shutdowns necessary. I could be wrong, of course. I’ve been advised not to keep saying this, but I disagree as nobody likes somebody who never concedes when they are wrong, moves on from the history of where and when they have been wrong, and assumes that they will always be right in the future. Editor’s note: This blog post is an opinion piece. The views expressed are those of the author, and do not necessarily represent those of ICIS.

11-Dec-2024

HOUSTON (ICIS)–Here are the top stories from ICIS News from the week ended 6 December. US Manufacturing PMI for November improves but remains in contraction The ISM US Manufacturing Purchasing Managers’ Index (PMI) improved to 48.4 in November – up 1.9 points from 46.5 in October, but remains in contraction (below 50) for the eighth consecutive month, and 24 out of the last 25 months. INSIGHT: Brazil chems producers upbeat as cabinet on side, but serious competitive woes remain The mood this week at Brazil’s chemicals producers trade group Abiquim’s annual meeting was notably more upbeat than a year ago, when imports into Brazil were increasingly eating into their market share. US Nov auto sales rise but could face headwinds from tariffs US November sales of new light vehicles ticked higher from the previous month and rose compared with the same month a year ago, but proposed tariffs on Mexican and Canadian imports by President-elect Donald Trump could create further headwinds for the industry. INSIGHT: 2024’s relative stability in key commodity pricing a contrast to previous US election years Heading into 2025, there are a plethora of factors which chemical markets players are tracking to see what could impact pricing and fundamentals, but key among them is the arrival of a new US President. Braskem’s new CEO appoints a leaner board as Novonor’s stake could be closer to sale Braskem’s new CEO Roberto Prisco has reshuffled the company’s board, including the CFO position, and has made it leaner with nine members, down from 12, the Brazilian polymers major said late on Wednesday. INSIGHT: Global plastics plan pushed down the road, production remains in the spotlight With the idea of a global binding accord on how to handle plastics waste kicked back into the long grass for now, negotiations have progressed but the key points of disagreement still seem fairly intractable. SHIPPING: Asia-US container rates fall, but average global rates rise as possible port strike nears Rates for shipping containers from east Asia and China to the US were flat to softer this week while global average rates rose by 6%, but the looming strike at US Gulf and East Coast ports could put upward pressure on rates in the coming week.

09-Dec-2024

SAO PAULO (ICIS)–EU and Mercosur chemicals will greatly benefit from trade without barriers as per their free trade agreement (FTA) which will also encourage much-needed research and development (R&D) in new technologies for greener chemicals, Brazil’s chemicals producers’ trade group Abiquim said. In a written response to ICIS, Abiquim welcomed the agreement announced last week by the EU and Mercosur for a free trade deal which would cover more than 700 million consumers in 32 countries (27 states in the EU, five in Mercosur). After 25 years in the making, the two blocs finalized a deal on 6 December. The EU-wide chemicals trade group Cefic also welcomed the FTA, which still must be ratified by EU member states as well as some EU bodies. The deal’s implementation is not 100% guaranteed, given the many scars the FTA’s text has left in some EU countries. Opposition in France is rife and is coming from all political sides, as the major agricultural producer in the European bloc fears its farmers will be hit hard by their Mercosur’s peers more competitive production. “The conclusion of the partnership agreement between the EU and Mercosur is excellent news for Brazil and the chemical industry. After many back-and-forths, the final text reaches a balanced agreement in terms of market access and modernity, incorporating concepts of sustainability, phytosanitary standards, or intellectual property, among others,” said the trade group. Abiquim added the current Brazilian government of Luiz Inacio Lula da Silva had been able to turn the “aspects of sustainable development as an advantage” for the country’s negotiating position, compared with other EU countries, a factor which it said would open the door to investment opportunities in the green economy. Lula’s cabinet, in office since January 2023, has been able to reduce deforestation rates, which increased sharply under the leadership of former President Jair Bolsonaro. Lula, in his first and second terms as president (2003-2011) also reduced deforestation. This factor often came up in the final stretches of the EU-Mercosur agreement, with Lula arguing it was Brazil who was ahead in sustainability. NEW MATERIALS, NEW CHEMICALSAbiquim’s director general, Andre Passos, said the deal would not only ease trade between the two blocks by eliminating or sharply reducing import tariffs and other trade barriers, but would also prop up R&D in greener raw materials to produce chemicals. “Of special interest to the chemical sector is the focus sustainable development aiming to foster the integration of production chains towards the decarbonization of the economy. This will pave the way for R&D in new production technologies and the implementation of low-carbon productive investments,” said Passos. “[This will be] In addition to encouraging the granting of favorable treatment for foreign trade of sustainable Brazilian products in accessing the EU’s single market.” Thumbnail photo: Flags flying during European Commission talks on the Mercosur deal (Source: Wiktor Dabkowski/ZUMA Press Wire/Shutterstock)

09-Dec-2024

SAO PAULO (ICIS)–Brazil's petrochemical industry needs to implement a deep restructuring if it wants to regain global competitiveness, and it can do this by shifting to renewable raw materials and increased use of natural gas, according to the CEO of Bahia state public company Bahiainveste. Paulo Guimaraes was appointed CEO of Bahiainveste and is tasked with attracting investment to Bahia state – home to Camacari, one of the country's biggest chemical production hubs. Bahiainveste, which was founded in 2015, falls under the umbrella of Bahia’s Secretariat for Economic Development, and functions as a public company with its own assets and revenues, as well as budgetary and financial autonomy. Guimaraes spoke to ICIS on the sidelines of the annual summit of the chemicals trade group Abiquim earlier in December. Although the mood at the gathering was more positive than in 2023, Guimaraes said it was best not to be complacent despite recent successes for chemicals producers in Brazil. The most significant of these has been higher import tariffs. In effect since October, they will help domestic producers increase market share. However, Brazil’s lack of competitiveness in the sector run deeper, and it should address them immediately rather than rest on its laurels, Guimaraes added. Although it may sound like an impossible task, Guimaraes said Brazil can and should compete against the US, the Middle East and China, who have sharply  increased their exports to Brazil during the last two years, hitting domestic producers’ market share. RENEWABLE FEEDSTOCKSTo turn the situation around, Guimaraes said a chemical transformation is necessary for Bahia, where the sector has faced falling competitiveness and job losses over the past two decades due to outdated facilities and a lack of modernization. "We need to look at the possibility of renewable raw materials. Within the next three years, Bahia will become an exporter of ethanol, so we will have the capacity to supply the industry with this type of raw material, for example,” said Guimaraes. The executive highlighted how Brazil's chemical industry has historically underinvested in technological innovation, focusing instead on basic petrochemicals. This strategy has left the sector vulnerable to international competition, particularly from Asia, and in the case of ethanol this is telling, he noted. "Brazil was the one who created ethanol as an automotive fuel in the late 1970s and early 1980s, but today we are producing ethanol using a technology imported from the US, because we did not understand that we needed to continue to develop the technology," he said. “This is a recurrent Brazilian feature, and we need to change it.” DOMINANT PLAYERGuimaraes went on to reflect on the dominance of polymers major Braskem, which emerged from a consolidation of several companies in the early 2000s and is in part owned by Petrobras, the state-owned energy major. These factors have resulted in Braskem – Brazil and Latin America’s largest chemical company – to be key in shaping industry development. The company's virtual monopoly in basic petrochemicals has influenced investment patterns across the sector, said Guimaraes. The US and Brazil are the Americas’ two largest chemicals producers. In the former, a significant shift occurred in 2004 when chemicals producers began utilizing shale gas, making natural gas-based chemistry more competitive than traditional crude oil-derived, naphtha-based processes. Brazil failed to adapt its industrial strategy accordingly. Moreover, the Brazilian chemical sector's challenges are further complicated by the country's energy policies. Following an energy crisis in 2001, the government implemented an emergency thermoelectric program that prioritized gas use for electricity generation over industrial applications. "Natural gas began to rise in price because Petrobras began to see it as just another product that needed to be as profitable as oil. And it stopped being used as a lever for the country's growth," said Guimaraes. DUMPING CONCERNSGuimaraes said growing protectionist moves around the world will only increase further over the coming years as countries face significant concerns about dumping practices which have affected their manufacturing sectors, chemicals included. Guimaraes said the tire industry was a good example. "Today, the tires that are entering Brazil are entering at a price lower than the price of the raw material. And the raw material is a commodity," he said. He noted that domestic Brazilian tire production has fallen between 40-60%, and this occurred even though Brazilian manufacturers use 70% clean energy in their production processes, which in theory should have given them an edge in a world increasingly worried about climate change. The threat of climate change could also give way to opportunities of a new, green industry. Looking ahead, Guimaraes said he can envisage significant opportunities in green hydrogen and sustainable aviation fuel (SAF) production in Brazil. However, once again, he advocated for domestic value addition rather than raw material exports. "Producing hydrogen and exporting hydrogen is like exporting water, wind and sun. Brazil should instead focus on manufacturing finished products using those resources. For instance, rather than exporting hydrogen and iron ore separately, we could produce green steel domestically instead,” said Guimaraes. “We have the advantages of a country where renewable energy production is easy, and we have plenty of available land for non-food crops: we would be able to plant crops to produce chemical feedstocks without competing with food production. “For example: I plant corn, and from the corn I produce ethanol and animal feed. What is the energy I use for this? CO2 or the biomass that the cattle generate. So, the animal feed would feed the cattle that would feed this energy." Front page picture: Bahia’s Camacari petrochemicals hub Picture source: Camacari Town Hall (Camara Municipal de Camacari) Interview article by Jonathan Lopez

09-Dec-2024

LONDON (ICIS)–Click here to see the latest blog post on Chemicals & The Economy by Paul Hodges, which looks at the political turmoil developing in the EU’s key economies, Germany and France. Editor’s note: This blog post is an opinion piece. The views expressed are those of the author and do not necessarily represent those of ICIS. Paul Hodges is the chairman of consultants New Normal Consulting.

09-Dec-2024

LONDON (ICIS)–Here are some of the top stories from ICIS Europe for the week ended 6 December. INSIGHT: Global plastics plan pushed down the road, production remains in the spotlight With the idea of a global binding accord on how to handle plastics waste kicked back into the long grass for now, negotiations have progressed but the key points of disagreement still seem fairly intractable. 2024’s relative stability in key commodity pricing a contrast to previous US election years Heading into 2025, there are a plethora of factors which chemical markets players are tracking to see what could impact pricing and fundamentals, but key among them is the arrival of a new US President. Eurozone economy contracts as chemicals operating rates plunge; outlook grim The eurozone economy has started to contract again according to the latest composite purchasing manager index (PMI), while regional chemical industry operating rates continue to fall sharply. GPCA '24: Lack of recycling root cause of plastics pollution, Dow says Dow has attributed problems with plastics pollution to a lack of plastics recycling and not production, the US producer’s chair and CEO said at the 18th Annual Gulf Petrochemicals and Chemicals Association (GPCA). UPDATE: GPCA '24: Bahrain to host 2025 GPCA Forum Manama, the capital of Bahrain, will host the 19th Annual Gulf Petrochemicals and Chemicals Association (GPCA) Forum on 8-11 December 2025, according to GPCA promotional material seen by ICIS.

09-Dec-2024

SINGAPORE (ICIS)–South Korea’s benchmark stock market index continued to bleed on Monday amid political instability wrought by the shock martial law announcement on 3 December, with impeachment motions against President Yoon Suk Yeol dropped over the weekend due to lack of quorum. KOSPI composite index falls for fourth session Petrochemical shares tumble along; Nov exports fall 5.6% year on year Yoon may be stripped of presidential powers At the close of trade on Monday, the KOSPI composite index shed 67.58 points or 2.78% at 2,360.58, with shares of major petrochemical companies slumping. The Korean won also weakened sharply against the US dollar. The pair was trading W1,437.27 as of 07:04 GMT. When martial law was declared late on 3 December, the won tumbled to a near two-year low above W1,440 levels versus the greenback. PETROCHEMICAL EXPORTS FALLINGSouth Korea is a major exporter of ethylene, as well as aromatics, such as benzene, toluene and styrene monomer (SM). The overall industry is reeling from a combination of weak external demand and overcapacity in China. South Korean industries, including chemicals, rely heavily on exports to China, whose self-sufficiency has grown over the years. In November, South Korea’s petrochemical exports declined by 5.6% year on year to $3.6 billion. In the first 11 months of 2024, however, its petrochemical export volume increased by 7.5% year on year, the Ministry of Trade, Industry and Energy (MOTIE) said on 5 December. Market players said that port operations in Daesan have been unsteady because of strong winds, causing delays in cargo deliveries. “Petrochemical exports are facing difficulties due to unforeseen factors such as falling product prices linked to oil prices and bad weather,” the first vice minister of MOTIE Park Sung-taek said after a recent visit to the refinery of Hyundai OIlbank and the production/export site of Hyundai Chemical. For Hyundai Oilbank, the arrival of five carriers and three crude oil import vessels were delayed because of inclement weather in late November, while delays also hit shipment of five product carriers of Hyundai Chemical, MOTIE noted. “In order to prevent disruptions in exports, we will diversify the types of oil reserves from the existing heavy crude oil to light crude oil in consideration of the types of oil used by each refinery, and greatly simplify the oil reserve lending process so that companies can quickly provide oil reserves when necessary," Park said. EMERGENCY MEETINGS OF FINANCIAL REGULATORS CONTINUEThe economic managers of Asia’s fourth-largest economy – led by Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok – have been holding daily emergency meetings before markets open to ensure financial markets stability, keeping their promise to provide “unlimited liquidity”. “The participants agreed that, as domestic and international uncertainties still persist, relevant organizations should maintain a closer emergency cooperation and response system and mobilize all capabilities to respond in order to minimize the economic impact of the political situation. In a statement on Monday, the Ministry of Economy and Finance said that “as domestic and international uncertainties still persist, relevant organizations should maintain a closer emergency cooperation and response system and mobilize all capabilities to respond in order to minimize the economic impact of the political situation”. South Korea intends to activate a market stabilization fund worth won (W) 40 trillion ($28 billion) following the country’s brief dalliance with martial law, with its slowing economy facing the prospect of increased US tariffs in 2025. For the stock market, the MOEF said that W30 billion of the value-up fund “has already been invested”, with W70 billion to be injected this week, with another W30 billion scheduled to be implemented sequentially. YOON SURVIVES IMPEACHMENT BUT MAY BE STRIPPED OF POWERSBecause of lack of quorum, South Korean President Yoon managed to survive impeachment on 7 December, which was set into motion following his declaration of a six-hour long martial law that disrupted markets. “The impeachment vote failed to gain the 200-vote hurdle needed to suspend the president from duties,” Singapore-based UOB Global Economics & Markets Research said in a note on Monday. “The opposition bloc needed only eight votes from the ruling PPP [People Power Party] to impeach Yoon as votes by three PPP members had prompted protesters outside the National Assembly to chant “five more to go,” it said. On 8 December, PPP leader Han Dong-hoon said that Prime Minister Han Duck-soo will manage the nation’s affairs as an exit plan for Yoon is being prepared, the constitutionality of which is being questioned by the opposition Democratic Party of Korea (DPK). Focus article by Pearl Bantillo Additional reporting by Jonathan Yee Thumbnail image: Lawmakers in the voting chamber during the plenary session for the impeachment vote of President Yoon Suk Yeol at the National Assembly in Seoul, South Korea on 7 December 2024.(JEON HEON-KYUN/POOL/EPA-EFE/Shutterstock)

09-Dec-2024

SINGAPORE (ICIS)–Here are the top stories from ICIS News Asia and the Middle East for the week ended 6 December 2024. India cuts banks’ cash reserves ratio by 50bps; lowers full-year GDP forecast By Priya Jestin 06-Dec-24 17:51 MUMBAI (ICIS)–India’s central bank on Friday maintained its benchmark interest rate at 6.5% but cut its cash reserve ratio (CRR) by 50 basis points to 4%, in a bid to improve growth and rein in high inflation. Mideast PMDI, TDI fall on weak demand amid high freight costs By Isaac Tan 06-Dec-24 15:24 SINGAPORE (ICIS)–Prices for both polymeric methylene diphenyl diisocyanate (PMDI) and toluene diisocyanate (TDI) in the Middle East have decreased this week, reflecting a general slowdown in demand as the year comes to a close. GPCA ’24: Europe chemical industry faces price pressure from US tariffs on ChinaBy Jonathan Yee 05-Dec-24 19:15 MUSCAT (ICIS)–An incoming Trump administration in the US and the promise of tariffs on all foreign goods will likely upend the global world order, placing pressure on the European chemical industry amid ensuing price volatility, senior industry figures warned this week. S Korea prepares $28 billion market stabilization fund after martial law By Pearl Bantillo 05-Dec-24 15:28 SINGAPORE (ICIS)–South Korea is preparing to activate a market stabilization fund worth won (W) 40 trillion ($28 billion) following the country’s brief dalliance with martial law, with its slowing economy facing the prospect of increased US tariffs in 2025. UPDATE: Indonesia begins antidumping probe on PP homopolymers By Jackie Wong 05-Dec-24 15:12 SINGAPORE (ICIS)–Indonesia has initiated an antidumping investigation on imported polypropylene (PP) homopolymer products, according to a government document obtained by ICIS on Thursday. INSIGHT: GPCA '24: GCC petrochemical players sharpen focus on longer-term sustainable growth By Nurluqman Suratman 04-Dec-24 19:33 MUSCAT (ICIS)–Gulf Cooperation Council (GCC) petrochemical executives met with global colleagues in Muscat, Oman, this week as the focus on sustainable growth continues to sharpen amid concerns over oversupply, trade protectionism and geopolitical conflicts. INSIGHT: Political instability rocks South Korea after martial law; no petrochemical impact so far By Pearl Bantillo 04-Dec-24 19:06 SINGAPORE (ICIS)–Days before the shock declaration of martial law in South Korea by President Yoon Suk-yeol, political wranglings stalled the 2025 budget deliberations of Asia’s fourth-biggest economy. GPCA '24: Thailand's PTTGC to start SAF production in early 2025 – CEO By Nurluqman Suratman 04-Dec-24 18:00 MUSCAT (ICIS)–Thailand’s PTT Global Chemical (PTTGC) is expected to begin producing sustainable aviation fuel (SAF) at its refinery in Map Ta Phut early next year, the company’s CEO Narongsak Jivakanun said. S Korea President Yoon may face impeachment after short-lived martial law By Pearl Bantillo 04-Dec-24 14:07 SINGAPORE (ICIS)–Calls for South Korean President Yoon Suk Yeol to resign are growing after his hours’ long martial law that rattled the country’s equities and foreign exchange markets. GPCA '24: INSIGHT: Middle East PP has leading global competitive position By Emiliano Basualto 02-Dec-24 13:00 MUSCAT (ICIS)–The Middle Eastern polyolefin industry has always been recognised for its competitive advantages, particularly driven by access to inexpensive raw materials and low energy costs. GPCA '24: GCC needs to formulate right partnerships – GPCA chief By Nurluqman Suratman 02-Dec-24 09:59 MUSCAT (ICIS)–Gulf Cooperation Council (GCC) petrochemical players must formulate strategic international partnerships and invest in optimization and innovation to remain competitive, according to the secretary general of the Gulf Petrochemicals and Chemicals Association (GPCA).

09-Dec-2024