Americas top stories: weekly summary

HOUSTON (ICIS)–Here are the top stories from ICIS News from the week ended 23 March:

Firm agrees to supply ethane for American Ethane’s new US terminal
Private-equity firm Energy & Minerals Group (EMG) will create a portfolio company to supply up to 480,000 bbl/day of ethane to a terminal project being developed by American Ethane Co (AEC), the company said on Monday.

ExxonMobil mulls 450,000 tonne/year US PP expansion
ExxonMobil has begun detailed engineering work on a potential project to expand its polypropylene (PP) capacity on the US Gulf Coast by up to 450,000 tonnes/year, the US-headquartered oil and gas firm said on Tuesday.

US ethylene spot prices fall to nine-year low
US spot ethylene fell to its lowest point in nine years as production continues to be bolstered by new crackers and demand is hampered by downstream outages.

Alpek, Indorama, Far Eastern consortium to acquire M&G Texas PTA-PET plant for $1.12bn
A consortium led by Alpek and Indorama Ventures has agreed to purchase M&G USA Corp’s purified terephthalic acid (PTA) and polyethylene terephthalate (PET) plant in Corpus Cristi, Texas, for a purchase price of $1.125bn, the Mexico- and Thailand-based companies said on Wednesday.

US March propylene contracts fall 6 cents/lb on improved production
US March propylene contract prices been settled by a majority of market participants at a 6 cent/lb ($132/tonne) decrease from the prior month, market sources said on Wednesday.

Trump signs on $50bn tariffs against China
US President Donald Trump signed a memorandum on Thursday to impose $50bn in tariffs on imported goods from China.

US tariffs against China sends chem stocks, Dow Jones plummeting
Chemical stocks fell sharply on Thursday after US President Donald Trump said the nation may pursue tariffs on at least $50bn of Chinese goods.

Canada’s NOVA, US Sunoco explore Gulf Coast ethylene export terminal joint venture
The olefins arm of NOVA Chemicals’ and Energy Transfer Partners subsidiary Sunoco Partners Marketing & Terminals have entered into a non-binding memorandum of understanding (MoU) regarding a joint venture to develop an ethylene export terminal on the US Gulf Coast, the Canadian producer said.