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Butadiene and c4s news
UPDATE: China retaliates with 15% tariff on US LNG
UPDATE: China retaliates with 15% tariff on US LNG SINGAPORE (ICIS)–China has announced a 15% tariff to be imposed on coal and LNG imports from the United States as a retaliation to US trade tariffs, the country’s Ministry of Commerce said in a statement. “In accordance with the Tariff Law of the People’s Republic of China, the Customs Law of the People’s Republic of China, the Foreign Trade Law of the People’s Republic of China and other laws and regulations and the basic principles of international law, and with the approval of the State Council, additional tariffs will be imposed on some imported goods originating from the United States starting from 10 February 2025.” A 10% tariff will also be imposed on crude oil, agricultural machinery, and a score of other products. US president Donald Trump and Chinese President Xi Jinping are expected to talk this week on trade and other issues. The US has imposed 10% tariffs on Chinese goods starting 4 February. “This will drive even more US volumes into Europe, and leave portfolio players with suboptimal logistical flows,” said Saul Kavonic, oil and gas analyst with research firm MST Marquee. “Chinese buyers will pay the tariffs, so will be trying to minimize the US volumes they take contractually, and swap that out for non-US volumes. This benefits other regional producers such as Australia, who will be seen as relatively more reliable after this. “The negative impact on US LNG from these tariffs will only partly offset the strong appetite from other buyers to procure more US LNG under pressure from Trump to rebalance trade deficits. The tariffs will create material market inefficiencies, which will benefit some LNG traders in the regions. It may push prices higher everywhere on the margin, as flows become suboptimal.” CHINA IMPORTS China imported 4.4 million tonnes of LNG from the United States in 2024, ICIS data shows, out of a total of 79.24 million tonnes. If the tariff is enforced and stays beyond the upcoming negotiations expected this week between US President Donald Trump and Chinese President Xi Jinping, importers could optimize the US-based positions by diverting them elsewhere. However, the imposition of tariffs on energy by the Chinese government fundamentally means higher energy costs for the country, which increases the cost of industrial production and inflationary pressure. The growing tensions in the commercial relationship between the countries could also equate to reluctance by Chinese buyers to commit to new long-term positions with US-based suppliers. Political tensions with the US could turn Chinese buyers to alternative sources of LNG and pipeline gas, including Russia. The move is the latest in a series of tariff exchanges that so far have involved Canada and Mexico in addition to China. The market anticipates that the next wave of tariffs could target members of the European Union. EU states are unlikely to impose retaliatory tariffs on imported energy, as the cost of gas is already growing following the halt of Russian pipeline gas supplies to the region. Roman Kazmin
17-Feb-2025
S Korea's S-Oil Shaheen project 55% complete; to start commercial ops in H2 ’26
SINGAPORE (ICIS)–S-Oil's Shaheen crude-to-chemical project in Ulsan, South Korea is now 55% complete and is expected to start commercial operations in the second half 2026, the producer said on Monday. Construction of the $7bn project at the Onsan Industrial Complex of Ulsan City started in March 2023, with mechanical completion targeted by the first half of 2026. South Korean refiner S-Oil is 63%-owned by Saudi Aramco, the world's largest crude exporter. The Shaheen project – named after the Arabic word for “falcon” – will have a 1.8 million tonne/year mixed-feed cracking facility; an 880,000 tonne/year linear low density polyethylene (LLDPE) unit; and a 440,000 tonne/year high density PE (HDPE) plant. The site will have a thermal crude-to-chemical (TC2C) facility, which will convert crude directly into petrochemical feedstocks such as liquefied petroleum gas (LPG) and naphtha, and the cracker is expected to recycle waste heat for power generation in the refinery. The company currently produces a range of petrochemicals and fuels including benzene, mixed xylenes, ethylene, methyl tertiary butyl ether (MTBE), paraxylene, polypropylene, propylene, propylene oxide, biodiesel, and potentially bio-based aviation and other bio-derived products at its Onsan site. S-Oil plans to supply feedstock to domestic petrochemical downstream companies mainly through pipelines. "To this end, the construction of logistics-related infrastructure, such as a new pipeline network, is being carried out at the same time," it said. Long-term agreements for stable supply of raw materials are being signed between S-Oil and petrochemical companies located at the two industrial complexes in Ulsan, which would boost competitiveness of domestic value chain, the company said.
17-Feb-2025
Europe top stories: weekly summary
LONDON (ICIS)–Here are some of the top stories from ICIS Europe for the week ended 14 February. Europe MX and PX chemical value chain braces for headwinds amid downstream closures and tariff threats Downstream demand for mixed xylenes (MX) and paraxylene (PX) in Europe has been limited at the start of 2025, with permanent shutdowns and the threat of tariffs among the hurdles to a meaningful recovery. Germany's battered chemical industry holds its breath ahead of general election Germany is set to head to the polls on 23 February amid one of the most challenging economic scenarios the country has faced in post-war times. EU gas price cap proposals would drive shipments to other regions – ICIS expert Proposals under consideration in the European Commission to temporarily cap natural gas pricing would likely result in the diversion of supplies away from Europe and tighten supply in the region, an ICIS analyst said on Wednesday. EU promises plan to save chemicals as Clean Industrial Deal approaches The European Commission has promised to address the plight of the region’s energy-intensive petrochemical sector later this year as it gears up for the publication of the Clean Industrial Deal on 26 February. IPEX: Asia finding a floor, up 1%; PVC and PP drive 1.3% index fall in Europe; USG toluene firms The ICIS Petrochemical Index (IPEX) for January shows that northeast Asian chemical markets may be finding a floor after two consecutive months of declines, with the regional index up 1% – only its second gain in six months, driven by a 14.7% surge in butadiene due to rising crude oil costs.
17-Feb-2025
INSIGHT: US mulls reciprocal tariffs on Brazil ethanol, cabinet hopes steel quota is to be kept
SAO PAULO (ICIS)–Although the new US administration has so far only imposed tariffs on China, President Donald Trump keeps using the tariff threat as a form of negotiation and in the latter part of this week it was the turn of Brazil’s ethanol. Earlier in the week, Brazilian officials had already been in damage limitation mode after the US said it would impose higher tariffs on steel on 12 March. Brazil’s still strong steel sector is now hoping the two countries will agree, just like they did in 2018 during Trump’s first term, a quota so Brazil can have an outlet for its excess steel. ETHANOL IN THE SPOTLIGHTThe Brazilian government has so far kept a low profile in the issues presented to it by the new US Administration; first, it was deportation flights and the rather discrete row caused by the fact that Brazilians returning home did so handcuffed in the aircraft. Brazil’s President Luiz Inacio Lula da Silva, however, was wary of how his Colombian counterpart, Gustavo Petro, reacted to the first deportation flights – taking to social media to say Colombia’s sovereignty could never be curtailed, after he ordered two flights to return to the US. Trump’s furious reaction on a Sunday afternoon in his first week in the White House sent the signal to allies – Colombia is a firm ally of the US in the region – and enemies alike about the new winds blowing in Washington. As already said, Brazil’s cabinet also kept a rather low profile about the tariffs on steel. The week started with a report by Folha de S. Paulo citing an unnamed cabinet official saying Brazil could retaliate by raising taxes on the US technological majors operating in the country. The Finance Minister Fernando Haddad was quick to deny such a possibility a few hours later, and what could have become a big row died down. But then came a White House announcement on reciprocal tariffs later in the week, and the US intention to analyze country by country all tariffs and end “unfair trade practices.” The US mentioned specifically Brazilian ethanol as a prime example of those unfair trade practices, something the US trade group for the sector, the Renewable Fuels Association (RFA), was quick to grasp after years of lobbying. “The US is one of the most open economies in the world, yet our trading partners keep their markets closed to our exports. This lack of reciprocity is unfair and contributes to our large and persistent annual trade deficit,” said the White House. “There are endless examples where our trading partners do not give the US reciprocal treatment. [For example] The US tariff on ethanol is a mere 2.5%. Yet Brazil charges the US ethanol exports a tariff of 18%.” The White House went on to say the US posted a trade deficit with Brazil of $148 million in 2024, which it attributed to the effect of the country's higher import tariff. Brazil’s exports to the US totaled $200 million last year, while US shipments stood at $48 million. With Brazil featuring so prominently in one of the White House’s dozens of weekly press releases, it was difficult for the cabinet to remain in the background, aware that ethanol is an important employer and, in a way, Brazil’s own success story. In the 1970's crude oil prices shock, the country took the strategic decision to encourage ethanol as a motor fuel, propping up at the same time what was then a nascent agribusiness which became one of the world’s breadbaskets, owing to Brazil’s vast arable land and abundant water and warm weather. Ethanol, therefore, required a stronger response, and the cabinet’s measured statement decided to focus on sugar. The minister for energy and mines – a heavyweight in any Brazilian government – was the one in charge to remind the US that if all tariffs should be reciprocal, Brazil would very much like to see the hefty tariffs on its sugar lowered. Alexandre Silveira argued that Brazil’s sugar had to pay an 81.16% import tariff to enter the US, without offering anything in return. “To have a fair and reciprocal plan, as stated by President Trump, it would be necessary, in fact, to eliminate import tariffs for Brazilian sugar,” he said, as quoted by CNN Brazil. “Trump’s decision is unreasonable, as there is no counterpart in expanding Brazilian sugar exports to the US. This type of stance weakens multilateralism and will have negative consequences for the US economy itself.” As soon as Brazil’s ethanol featured on the White House’s communication, the US trade group RFA’s CEO issued a statement celebrating that after a decade spending “precious time and resources fighting back against an unfair and unjustified tariff regime” imposed by Brazil on US ethanol exports, the lobbying had finally paid off. “What's more ironic is that these tariff barriers have been erected against US ethanol imports while our country has openly accepted – and even encouraged and incentivized – ethanol imports from Brazil,” said Geoff Cooper. STEEL TARIFFSJust like everyone else, the Brazilian cabinet is trying to adapt to the fast pace of another Trump presidency. For much of the first half of this week, ministers in public and steel industry players in private went from panic mode to talks mode as the 12 March implementation date offers room for that. Brazil’s officials are hopeful a new quota can be agreed with the US, after pressure from manufacturing companies in the US persuaded Trump during his first term to establish a 3.5-million tonne quota for steel semi-finished products and slabs, and a 687,000 tonne quota of rolled products. In the current environment, the repetition of that deal would a be a resounding success for Brazil’s steel producers. Brazil’s produces around 32 million tonnes of steel annually, according to trade group the Steel Brazil Institute, but the country’s demand stands at 24 million. This means the sector must find markets overseas, and for the past few years nearly half of that has been going to the US as per the quota agreed. The large US trade deficit in steel is shown by the 20-25 million tonnes/year imported. In the nine months to September 2024, the US had imported 20.2 million tonnes, according to the US International Trade Administration. Brazil, with 16.7% market share in those imports entering the US, is the second largest supplier only behind Canada (22.5%), followed by Mexico (11.4%), South Korea (10.1%), Vietnam (4.6%), and Japan (4.0%), according to the official data. If the universal tariffs on steel are finally implemented on 12 March, Brazil’s quota would also come to an end. This is where Brazilian officials will put much of its efforts in the next four weeks, an attempt which may well end up being successful if US manufacturers are listened to. Earlier this week, an economist at ICIS warned that higher steel tariffs would likely increase prices in US manufacturing and could potentially reduce levels of capital expenditure (capex) in new plants. The US is heavily reliant in steel imports to cover its demand. “A tariff raises the price in the market as domestic steel producers raise the price for steel to match the tariff… Higher price lowers quantity demanded (law of demand) but does increase quantity supplied by domestic producers. Tariffs allow inefficient domestic products to produce when then they could not have done so without the tariff,” said Kevin Swift. “Steel tariffs will raise the cost of building a chemical plant, for ongoing maintenance, etc. These will especially hurt when government policy is to foster re-shoring and FDI [foreign direct investment] in the US.” US manufacturers likely to be lobbying for exceptions to the steel tariffs are set to be Brazil’s best ally in the next four weeks, considering Trump’s chauvinistic approach to most things. Lula’s Workers’ Party (PT) re-election in the presidential election due in 2026 hangs in the balance. While manufacturing had a bumper 2024, more formal and better-paid jobs in industry have been hard to come so far. The PT’s main constituency is industrial workers, and a blow to the steel sector now would come to represent actual jobs being lost but also, given steel’s unique role in supposedly representing a strong and self-sufficient industrial fabric, a blow to the credibility of the government. The government came into office in 2023 promising to create more jobs by reviving manufacturing. Just like so many other cabinets had done before it in the past 50 years. Frong page picture source: World Steel Association (Worldsteel) Insight by Jonathan Lopez
14-Feb-2025
Americas top stories: weekly summary
HOUSTON (ICIS)–Here are the top stories from ICIS News from the week ended 7 February. INSIGHT: US tariffs unleash higher costs to nation's chem industry The tariffs that the US will impose on all imports from Canada, Mexico and China will unleash higher costs for the nation's chemical industry, create supply-chain snarls and open it to retaliation. UPDATE: China retaliates with tariffs on US coal, crude, LNG China announced on Tuesday that it will levy 15% tariffs on coal and liquefied natural gas (LNG) imports from the US, and a 10% tariff on US crude oil, farm equipment and certain vehicles from 10 February – reviving a trade war between the world’s two largest economies. SHIPPING: US shippers likely to frontload cargos amid 30-day pause on tariffs With the US agreeing to a 30-day pause before proposed tariffs on Canada and Mexico take effect, shipping analysts anticipate a rush to frontload as much cargo as possible over the next month. US Jan auto sales up year on year; analysts expect growth in 2025 with some headwinds US January sales of new light vehicles rose year on year, and market analysts expect sales in 2025 to grow by 1.5-2.0% even with some headwinds including persistently high interest rates and a pushback on electric vehicles (EVs) under the new presidential administration. US tariffs could jeopardize $800 million of Mexican plastics exports Potential US tariffs of 25% on all goods coming from Mexico could hit the country’s plastics sector hard, with exports to the US worth $800million, plastics sector trade group Anipac said this week. UBS sees US imposing further tariffs on China imports in Q3 2025 and 2026 The US implementing 10% additional tariffs on all goods imports from China on 4 February is likely to be just the beginning, with further duties being imposed later in 2025 and 2026, said investment bank UBS’s chief China economist.
10-Feb-2025
PODCAST: Stable Europe ABS, ACN demand expected amid evolving supply landscape
LONDON (ICIS)–Relatively stable demand and evolving global supply dynamics are expected in European acrylonitrile-butadiene-styrene (ABS) and acrylonitrile (ACN) markets in 2025. In this latest podcast, Europe ABS report editor Stephanie Wix and her counterpart on the Europe ACN report, Nazif Nazmul, share the latest developments and expectations for what lies ahead. Geopolitics-led macroeconomic challenges dampen prospects of demand resurgence Balanced-to-long supply dynamics anticipated to endure Players assess impact of EU ADD investigation into ABS imports from South Korea, Taiwan ABS is the largest-volume engineering thermoplastic resin and is used in automobiles, electronics and recreational products. ACN is used in the production of synthetic fibres for clothing and home furnishings, engineering plastics and elastomers.
07-Feb-2025
Japan's Mitsubishi Motors to invest $121 million in the Philippines
SINGAPORE (ICIS)–Japanese carmaker Mitsubishi Motors Corp (MMC) is set to invest Peso (Ps) 7 billion ($121 million) in the Philippines over the next five years. MMC president and CEO Takao Kato announced the plan during a meeting with Philippine President Ferdinand Marcos Jr on 6 February. The plan includes adding a new production model at the Mitsubishi Motors Philippines Corp (MMPC) plant in Laguna province, according to a statement issued by the Presidential Communications Office (PCO). Kato said the Philippines is MMC’s most important investment in southeast Asia, citing its good and stable economy. MMPC operates a manufacturing plant in Santa Rosa, Laguna, with an annual production capacity of 50,000 units, which can be doubled, it stated. As of November last year, MMPC had a 19% share of the domestic market, trailing behind Toyota's 46% share. Marcos also announced that MMC will be part of the government's Revitalizing the Automotive Industry for Competitiveness Enhancement (RACE) program which aims to boost the competitiveness of the local automotive industry. “In the ASEAN, (the) Philippines is our number one market,” MMC’s Kato said. Within southeast Asia, MMC also has production facilities in Thailand, Indonesia and Vietnam. The Japanese carmaker also has manufacturing plants in China and Russia. The automotive industry is a major global consumer of petrochemicals that contributes more than one-third of the raw material costs of an average vehicle. The sector drives demand for chemicals such as polypropylene (PP), along with nylon, polystyrene (PS), styrene butadiene rubber (SBR), polyurethane (PU), methyl methacrylate (MMA) and polymethyl methacrylate (PMMA). ($1 = Ps58)
07-Feb-2025
INSIGHT: South Korea broadens aid for struggling petrochemical industry
SINGAPORE (ICIS)–South Korea is streamlining regulations to make it easier for regions densely populated by petrochemical companies to qualify as "industrial crisis response areas", a designation that unlocks government support and financial assistance to mitigate impact of market downturns. Yeosu, Ulsan, Daesan petrochemical hubs to benefit Focus shifts to manufacturing for crisis designation Voluntary business restructuring encouraged This designation also unlocks access to tailored assistance in areas like employment stability, R&D, commercialization, market access, and consulting, according to a Ministry of Trade, Industry and Energy (MOTIE) administrative notice released on 5 February. The new regulation follows a wide-ranging support package unveiled by the government on 23 December 2024, aimed at bolstering the competitiveness of its domestic petrochemical industry, which is facing a global oversupply driven by expansions in China and the Middle East. This policy shift is expected to benefit major petrochemical hubs such as Yeosu, Ulsan, and Daesan, providing them with greater access to resources designed to mitigate economic downturns and to support continued growth within the sector. Previously, the high proportion of the services sector in cities like Yeosu hindered their ability to be designated as industrial crisis response areas. The revised regulations will now assess "regional stagnation" based solely on the manufacturing sector, excluding service industries. This change will allow regions heavily reliant on manufacturing, particularly petrochemicals, to meet the designation criteria more readily. MULTI-PRONGED STRATEGY A cornerstone of the government's latest plan is encouraging voluntary business restructuring, encompassing facility closures, sales, joint ventures, efficiency improvements, and new business acquisitions. To facilitate these changes, the government will implement legal reforms and offer a range of financial and tax incentives. These include extending the grace period for acquiring 100% of holding company shares from three to five years and streamlining merger reviews with the Korean Fair Trade Commission (FTC), the country's regulatory authority for economic competition. A dedicated consultation channel between MOTIE and the FTC will further expedite reviews and support restructuring efforts. Separately, the government plans to provide up to Korean won (W) 3 trillion ($2.1 billion) in financing packages for petrochemical companies seeking to revamp their business portfolios, including expanded access to a W1 trillion business restructuring fund managed by the Korea Development Bank. For designated Industrial Crisis Response Areas, existing loan maturities from policy financial institutions will be extended, principal repayments deferred; national tax payment deadlines extended; and seizure and sale deferred for up to one year. Beyond restructuring, the government is targeting cost reduction. The duty-free period for crude oil used in naphtha production will be extended by a year until the end of 2025 and import surcharges on liquefied natural gas (LNG) used as industrial raw materials will be refunded. A "fast-track" approval process will be implemented for ethane terminal and storage tank construction to facilitate access to cheaper raw materials. Additional cost-saving measures include expanding electricity rate options through distributed power trading and rationalizing safety regulations. The plan will also support R&D focused on shifting production from general-purpose petrochemicals to specialized, high-value-added products. An "R&D Investment Roadmap for 2025-2030" will be unveiled in the first half of this year, and preliminary feasibility studies for high-value and eco-friendly chemical material technology development will be conducted. The support ratio for regional investment subsidies in Industrial Crisis Response Areas will be increased, national strategic and new growth technologies will be identified, and a W50 billion "High-Value Specialty Fund" will be established to promote production of specialty chemicals. DOMESTIC PRODUCERS STRUGGLE South Korea's four largest petrochemical manufacturers – LG Chem, Lotte Chemical, Kumho Petrochemical and Hanwha Solutions – faced continued challenges in 2024. LG Chem reported a net loss of W899.2 billion in the fourth quarter, reversing the net profit of W128.5 billion a year ago due to decreased demand for both petrochemicals and battery materials. It also reported an operating loss of W252 billion in the same period. The company has revised down its capital expenditure plan for the year to W2 trillion-3 trillion from W4 trillion previously as it navigates the market downturn. Separately, as part of its global expansion strategy, LG Chem has secured a deal to supply cathode materials to Prime Planet Energy and Solutions (PPES) – a joint venture of Japanese carmaker Toyota and appliance maker Panasonic – starting 2026. The company will focus on developing eco-friendly materials and technologies that align with PPES' low-carbon vision. Meanwhile, major ethylene producer Lotte Chemical in Q3 2024 reported a loss of W514 billion, on "delayed demand recovery, lower product spreads due to currency depreciation, one-time costs from maintenance at overseas subsidiaries, and rising shipping costs". The company is now pursuing an asset-light strategy, which involved liquidation of its Malaysian synthetic rubber production subsidiary Lotte Ube Synthetic Rubber (LUSR) – a joint venture with Japan’s Ube Elastomer. Based in Johor, Malaysia, LUSR produces 50,000 tonnes/year of polybutadiene rubber (PBR). Lotte Chemical also plans to generate W1.4 trillion in proceeds from sale of stakes in overseas subsidiaries. Synthetic rubber major Kumho Petrochemical Co reported on 4 February a Q4 net income of W61.3 billion, down 33% year on year, due to weak market demand due to a year-end drop in raw material prices; with operating profit shrinking by about 72% to W10 billion despite a 19% increase in sales to W1.8 trillion. Insight article by Nurluqman Suratman ($1 = W1,446) Thumbnail image shows an aerial view of a container pier in South Korea's southeastern port city of Busan. (YONHAP/EPA-EFE/Shutterstock)
07-Feb-2025
BP puts Gelsenkirchen, Germany refinery, crackers up for sale
BARCELONA (ICIS)–BP plans to sell its to sell its Ruhr Oel refinery, crackers and downstream assets at Gelsenkirchen in Germany. The company will start marketing the assets immediately, with the aim of completing the sale this year, according to a statement published on 6 February by the UK headquartered energy giant. According to the ICIS Supply & Demand Database BP operates a refinery and two crackers with combined capacity of 1.065 million tonnes/year of ethylene, as well as units with 645,000 tonnes/year propylene, 430,000 tonnes/year benzene plus cumene, cyclohexane, methanol, toluene and ammonia facilities. BP said the assets for sale include DHC Solvent Chemie in Mulheim an der Ruhr. All refinery owners in Europe are under pressure to rationalise their portfolios thanks to the shift to vehicle electrification and high cost base. There is also intense competition from new refineries starting up in Asia and the Middle East. BP said the move is in line with its strategic drive to deliver a simpler, more focused, higher value company. The company said that it has implemented numerous projects to modernize the infrastructure of the refinery in Gelsenkirchen in recent years. This includes renewing the power grid and establishing an independent steam supply. The refinery can process crude oils from around the world, produce fuels and also has the potential to manufacture biofuels and process recycled plastics, said bp. Michael Connolly, ICIS principal refining analyst pointed out that the refinery is configured to give a moderately high yield of gasoline, meaning it is not really suited to the future of the European market, where vehicle electrification is hurting demand. He said BP already had plans to reduce the capacity of the refinery from 260,000 bbl/day to 155,000 bbl/day in 2025. “Undoubtedly it would have used Russian crude, but despite having access to seaborne crude, the loss of Russian crude through sanctions would have impacted financials,” he said. The economics of the facility will also be more challenging, as for all European refiners, because cracks or margins for gasoil production have declined to pre-Ukraine war levels, added Connolly. ICIS expects German crude refining capacity to fall from 2.1 million bbl/day in 2020 to 1.8 million bbl/day by 2026 and well off their peak refining capacity of 2.4 bd in 2007. Emma Delaney, BP executive vice president, customers & products said, “BP needs to continually manage its global portfolio as we position to grow as a simpler, more focused, higher-value company. After a thorough review, we have concluded that a new owner would be better suited for the site to take it forward. We are convinced that the refinery can unlock its full potential under new ownership.” Focus article by Will Beacham Graphics by Miguel Rodriguez-Fernandez Thumbnail photo: bp's refinery site in Gelsenkirchen, Germany (Source: BP) Clarification: recasts to explain BP has two crackers at the site.
06-Feb-2025
India’s Supreme Petrochem to start up new ABS unit in Apr-June
MUMBAI (ICIS)–India’s Supreme Petrochem Ltd (SPL) expects to commission the first phase of its 70,000 tonne/year acrylonitrile butadiene styrene (ABS) plant in Nagothane in April-June, a company source said on Wednesday. Another 70,000 tonne/year ABS unit will be added at the site in the western Maharashtra state, in the second phase of the project, the source said. SPL expects the two phases to cost Indian rupees (Rs) 8.5 billion ($98 million), when the project was announced in 2023. “Mechanical completion of the first phase of our mass ABS project is expected by end of March 2025 and commissioning is scheduled for the first quarter of financial year 2025-26,” the source said. The company’s fiscal year begins in April. “There is an available market for domestically manufactured product,” the source said, citing that “nearly over 50% of the country’s ABS requirement or around 140,000 tonnes, is currently being imported”. Separately, the company plans to invest Rs8 billion to build a greenfield petrochemical complex at Karnal in the northern Haryana state. It plans to build a 100,000 tonne/year polystyrene (PS) unit and a 50,000 tonne/year expandable PS (EPS) unit, along with downstream products such as including 3D panels, PS sheeting, extruded PS, among others. “Pre-project activities for that site are going on right now,” the source said. “The new projects will meet increased demand for PS and EPS in domestic and export markets in the years ahead,” he added. SPL can produce more than 300,000 tonnes/year of PS; 118,000 tonnes/year of EPS and other downstream products at its two facilities at Nagothane in Maharashtra; and Manali in the southern Tamil Nadu state, according to the company’s website. ($1 = Rs87.13)
05-Feb-2025
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