Europe top stories: weekly summary

Source: ICIS News


LONDON (ICIS)--Here are some of the top stories from ICIS Europe for the week ended 9 February.

Kuwait’s EQUATE 2017 net income up 66% on stronger EG, PET
EQUATE Group’s net income for 2017 rose 66% year on year to $1.13bn on the back of a rebound in ethylene glycol prices and improved demand for polyethylene terephthalate (PET) in Europe, the Kuwait-based petrochemicals producer said.

Europe chems stocks fall on global market slide
European chemical company stocks were trading down following local markets which opened in the red as the delayed impact of the worst weekly performance for US markets in two years built on expectations of rising inflation.

US CB&I wins latest engineering contract for IGP Methanol Gulf megacomplex
CB&I has won a contract to work on IGP Methanol’s 7.2m tonne/year Gulf Coast methanol production complex, the US-headquartered engineering firm said.

Bio-capro, infinite recycling can secure nylon’s future in the circular economy - Aquafil CEO
Moving towards a circular economy for nylon is a matter of when, not if, according to the CEO at one of Europe’s largest manufacturers of nylon textile filaments, Italy’s Aquafil.

Europe stocks continue sliding as investors seek refuge in bonds
Large falls in US and Asian stocks preceded losses in European chemical stocks as investors seek refuge in bonds, in anticipation of higher inflation and interest rates.

Up to four groups in second phase of AkzoNobel specialties sale process
Three to four groups have advanced to the second round of the bidding process for AkzoNobel’s specialty chemicals unit, a spokesperson for the Netherlands-headquartered paints and coatings major said.

UK making inroads into plastics recycling but true circular economy ‘unattainable’ - BPF
UK plastics producers are committed to increasing recycling rates but “true circularity” in the economy is likely to be unattainable, according to the director general at the British Plastics Federation.

Hurricane Harvey-related maintenances weigh on Total's Q4 operating income
Total’s refining and chemicals business posted a 22% year-on-year decline in adjusted net operating income to €886m in the fourth quarter of 2017, partly weighed by maintenance activities at its Port Arthur site in the US, the French energy and petrochemicals major said.

Europe PP sellers put price pressure on February buyers
Polypropylene sellers in Europe are exerting strong pressure on their buyers in February, demanding more than the €28/tonne increase of the monthly propylene contract price, sources said.

European toluene spot prices decrease following crude oil correction
The week-long correction in the crude oil market has put Eurobob gasoline prices on a downtrend, pushing European toluene spot prices even to below $700/tonne, sources said.

European PE prices up, but buyers resist sellers' attempts to improve margins
European polyethylene prices are moving up in February, but buyers are holding firm at paying more than the increase in the February ethylene contract, sources said.

Substance availability key Reach challenge for Austrian chems - FCIO
The threat of reduced substance availability in Europe as a result of the final Reach deadline in May this year is the key obstacle presented to Austria’s chemicals sector by the legislation, according to the director general of the country’s chemical trade group FCIO.