Europe top stories: weekly summary

LONDON (ICIS)–Here are some of the top stories from ICIS Europe for the week ended 26 July 2019.

Sentiment clouded on impact of low Rhine levels

As July’s heatwave continues to sweep over Europe, concerns from some players in the petrochemicals industry have started to mount over water levels on the river Rhine.

EU tariff waiver for Group II base oils should remain – trade group

The EU should keep the status quo in a trade ruling that will dictate whether Group II base oils qualify for extra tariffs, according to the president of the Union of the European Lubricants Industry (UEIL).

Global demand to be slow to absorb new US Gulf capacity – BASF

The ethylene capacity build-up on the US Gulf Coast will take some time to be absorbed by global demand, the CEO of Germany-based chemicals major BASF said on Thursday.

INSIGHT: Dow to slash capital spending by $500m amid challenging macroeconomic outlook

Dow plans to cut capital expenditures by $500m, to $2.0bn in 2019 to respond quickly to a more challenging macroeconomic outlook, its CEO said on Thursday.

BASF slashes global 2019 chems production figures as EBIT falls

BASF on Wednesday nearly halved its estimates for global chemical growth in 2019 as a result of a downward revisions to its macroeconomic assumptions for the year due to ongoing weakness and a more entrenched US-China trade war.

European nylon imports, exports fall on weak global automotive demand

European nylon imports and exports fell in May year on year on the back of persistent weak global automotive demand, according to the latest data from EU statistical agency Eurostat.

Germany’s Covestro Q2 net income falls 69% amid lower selling prices

Covestro’s second-quarter net income fell sharply amid lower selling prices and margins for its polyurethanes and polycarbonate business segments, the German producer said on Wednesday.

Swiss Clariant’s stock down sharply after new CEO resigns

Clariant’s stock fell sharply on Wednesday after the Swiss chemicals major announced its nine-month CEO Ernesto Occhiello had resigned for personal reasons with immediate effect.

Global growth turns sluggish as trade in goods at lowest since 2012 – IMF

Global GDP growth in 2019 and 2020 will be lower than initially expected on the back of trade conflicts that have reversed global trade in goods to 2012 levels, the International Monetary Fund (IMF) said on Tuesday.

UK chems urge Johnson to consider deals ahead of Brexit deadline

Boris Johnson has vowed to “get Brexit done” by 31 October in his role as the newly elected UK Prime Minister, but the country’s chemicals industry has urged him to leave the EU with a deal in place.

European ACN sources prepare for H2, monitor supply restrictions

With a tough first half of the year behind them, acrylonitrile (ACN) sources are now turning attention to the final six months of 2019, which looks set to deliver more challenges for some players.

INSIGHT: Petchem/energy players best placed to capture circular economy opportunities

When are the world’s energy and chemical companies really going to start to apply longer-term thinking to plastics recycling and the circular economy?

BP aims for large biofuels expansion, forms joint venture with Bunge in Brazil

BP is to expand its biofuels business by more than 50% after forming a joint venture in Brazil with US agribusiness company Bunge, the UK energy and petrochemicals major said on Monday.