Europe top stories: weekly summary

LONDON (ICIS)–Here are some of the top stories from ICIS Europe for the week ended 23 February.

Europe MLLDPE February prices rise in spite of oversupply
European metallocene linear low density polyethylene (MLLDPE) C6 (hexene based) prices are increasing in February in spite of oversupply that is expected to continue for some time, sources said.

Jordan’s Arab Potash 2017 net profit up 41% on healthy demand
Arab Potash Company (APC) has announced a 41% year on year increase in net profits for 2017, banking Jordanian dinar (JD) 90.4m ($127.5m) after taxes, provisions, and mining royalties, the mineral fertilizers producer said.

Petchems to be main driver of oil demand from 2030 onwards – BP
By 2030, the main source of demand for oil will be from the petrochemicals industry, according to BP’s latest Energy Outlook.

Covestro eyes coatings bolt-on acquisitions amid ‘crazy’ M&A margin backdrop – CEO
Covestro is unlikely to pursue any big-ticket acquisition targets at present due to a lack of options across most of its core businesses and “ludicrous” valuations in the industry, according to the German chemical major’s CEO Patrick Thomas.

EU caustic soda imports spike in 2017 on capacity closures
EU imports of caustic soda liquid spiked in the fourth quarter of 2017 after European producers were obliged to close mercury cell-based capacities.

Europe PE spot activity slower on uncertain trend
Polyethylene (PE) spot activity in Europe has slowed down as participants wait for the March ethylene contract to settle, and also because the trend for next month seems unclear, sources said.

EU mulls new measures for ‘single circular economy’, taxes on plastics
The EU should keep and recycle its “valuable plastic” within a “single circular economy”, according to the European Commission’s vice president for jobs, growth, investment and competitiveness.

Europe PET spot shortage may continue through the first quarter
The shortage of spot polyethylene terephthalate (PET) in Europe will continue through to the end of the first quarter or into the second quarter, buyers and sellers said.