Europe top stories: weekly summary

LONDON (ICIS)–Here are some of the top stories from ICIS Europe for the week ended 21 September.

Mubadala to list 25% of Cepsa on Spanish stock exchange
Abu Dhabi’s sovereign wealth fund Mubadala, which fully controls Cepsa, has announced its intention to float 25% of the Spanish energy and petrochemicals major on the country’s stock exchange before the end of the year.

GCC fertilizers exports reach highs on global trade tensions
Fertilizer exports from Gulf Cooperation Council (GCC) countries have set new records as market protectionism dominates global markets, the Gulf Petrochemicals and Chemicals Associations (GPCA) said.

Final $200bn US tariffs against China excludes some chemicals
The list of US tariffs against China in the latest $200bn round excludes 297 products from the original list, including some chemicals.

US tariffs against China to have limited impact on fertilizers
The US tariffs against China are not likely to have any major impact on the fertilizers market, even though the final list includes nearly all the crop nutrients produced in China.

SABIC, Clariant high performance materials tie-up first step to takeover – Baader
The formation of a new high performance materials unit between Switzerland-based producer Clariant and shareholder SABIC is the latest step towards the Saudi petrochemicals major fully acquiring the firm, with a takeover likely within two years, analysts at Baader Bank said.

Europe PBT Q4 prices under upward pressure on feedstocks, rising Asian values
European polybutylene terephthalate (PBT) fourth-quarter  (Q4) contract prices are under upwards pressure on the back of increases in feedstock and Asian values.

Rhine transportation woes continue for chems, water levels ‘simply too low’
Shipping through northwest Europe continues to be constrained on the River Rhine, with conditions in September worse than in late August, and no relief expected in the near future, sources said.

Fertilizer freight rates double for Iran-China route on sanctions concerns
Iranian ship brokers have doubled fertilizers freight rates for non-Iranian owned vessels sailing from Iran to China from October on the back of rising concerns about US sanctions, according to several sources.

Turkish PE, PP business levels at lows as weak economy takes toll
Higher interest rates have become another challenge for players in the Turkish polyethylene (PE) and polypropylene (PP) markets, adding to the woes caused by a depreciated currency.

UK premier vows to stick to Brexit plan despite EU council setback
The UK’s sterling pound fell sharply on Friday after the country’s Prime Minister vowed to stick to her own Brexit strategy, despite the cold reception other EU leaders gave to the plan this week.