Americas top stories: weekly summary
HOUSTON (ICIS)–Here are the top stories from ICIS News from the week ended 5 August.
Aramco to expand lube
business with $2.65bn US Valvoline
Aramco has agreed on Monday to buy Valvoline’s Global Products (VGP) business for $2.65bn, an acquisition that will significantly expand its finished-lubricants business.
July ethylene contract prices fall on lower
spot prices, operating costs
US July ethylene contracts settled at a decrease amid lower spot prices and operating costs.
INSIGHT: EV adoption to
drive lubricant additives demand
Scenarios for lubricant additives in North American automotive engine oils will rely heavily on the rate of electric vehicle (EV) adoption. Even with an accelerated EV shift, lubricant additives will still be needed in 2050.
INSIGHT: US Inflation
Reduction Act to boost chems going to
The Inflation Reduction Act should increase demand for several chemicals used to make insulation, sealants, solar panels and other products used to produce renewable power and increase energy efficiency – while increasing taxes and making it more expensive to produce oil and gas.