Europe top stories: weekly summary

LONDON (ICIS)–Here are some of the top stories from ICIS Europe for the week ended 5 April.

Aramco posted $224bn EBITDA in 2018, will pay for SABIC in instalments
Saudi Aramco generated earnings before interest, taxes, depreciation and amortisation (EBITDA) of $224bn in 2018, and intends to finance its purchase of SABIC in instalments, according to new disclosures from ratings agencies Fitch and Moody’s.

Shell to end AFPM’s membership over climate policy, stays within Cefic, ACC
Shell has decided not to renew its membership of the American Fuel & Petrochemical Manufacturers (AFPM) association next year over differing stances on the Paris Agreement and other climate policies, the Anglo-Dutch energy and petrochemicals major said.

Dow lists in New York, readies $3bn stock repurchase
Dow, the former materials science business of DowDuPont, has completed the separation from its former parent company and launched on the New York Stock Exchange (NYSE) as an independent business.

Dutch Vopak divests subsidiary in Estonia
Vopak and Global Ports Investments have divested their 50:50 joint venture in Estonia, Vopak EOS, the Dutch chemicals storage and transport major said.

Polyolefins market needs to address ‘dark side’ of plastics before benefits can shine
The polyolefins market needs to address the dark side of plastics before consumers can take notice of the product’s benefits, a chemicals executive said.

PE ‘is not trash’ but enabler of development, middle class expansion – Dow
Polyethylene (PE) “is not trash” and allows the growth of the middle classes around the world, an executive at US chemicals major Dow said.

Plastics too valuable to be thrown away, circularity needs improving – Borealis exec
Plastics are too valuable to be thrown away but the industry needs to improve their circularity, an executive at European polymers major Borealis said.

Polymers well placed to make gains over polyolefins thanks to recycling methods – exec
Polymers with recycling technologies already in place could make gains over polyolefins as the industry aims to increase circularity, an executive at LyondellBasell said.

Global IPEX for March edges higher on crude prices, terminal fire
The Global ICIS Petrochemical Index (IPEX) edged higher in March as oil price rises in February fed through into contract prices for olefins and aromatics in northwest Europe. The Northwest Europe IPEX was up 2.81% as a result while the indexes in other regions marked time.

European plasticizers demand starts April on buoyant note, spot prices firm
European plasticizers have started April on a healthier note demand wise and spot prices are firming.

Turkey PE, PP players focus on election recounts before lira volatility
The recount of Istanbul votes from last weekend’s municipal election has delayed market players’ response to the new April polyethylene (PE) and polypropylene (PP) offers.