SINGAPORE (ICIS)--Here are the top stories from ICIS News Asia and the Middle East for the week ended 14 August 2020.
Asia petrochemical glut bites as SE region in
recession, China demand wanes
Petrochemical markets in Asia are grappling with oversupply, with consumption in the southeast region weighed down by recession in most major economies, while the months’ long burst of post-lockdown demand in China is waning.
Asian PTA re-enters surplus cycle on new
capacities; weak demand outlook
The supply overhang in the Asia purified terephthalic acid (PTA) market has eased in the near term but this is unlikely to last due to the impending start-up of new capacities in China.
Saudi Aramco targets long-term ambitions for
Saudi Aramco asserted its ambition to become more prominent in the petrochemicals industry as the dominant end market for future crude consumption, while being key to a green energy transition.
Asia naphtha markets flip into a contango as
Asia naphtha markets are softening on the back of faltering demand as the market structure flipped into a contango, with greater excess supply envisaged in the days ahead.
Asia nylon demand recovery unlikely amid weak
downstream run rates
Hopes of an August demand recovery in Asia’s nylon market are fading, as downstream manufacturing run rates remain curtailed amid slow end-use consumption.
Saudi Aramco to rein in 2020 spending as
pandemic hits H1 earnings
State-owned energy giant Saudi Aramco will continue to rein in capital spending this year following a plunge in first-half earnings caused by slumping oil prices amid the coronavirus pandemic.