Europe top stories: weekly summary

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

INSIGHT: Global PET markets face continued challenges amid economic mayhem
Polyethylene terephthalate (PET) has somehow weathered the storm, proving to be a product in demand no matter what, but it has not been without significant challenges, and with general global conditions as they are, it could take another hit.

Sasol swings to full-year loss, schedules share issue
Sasol has swung to a South African rand (R) 91.3bn ($5.2bn) loss for its fiscal 2020 as the energy and chemical firm set out a schedule for a rights issue to raise funds.

Oman’s OMIFCO ships first urea vessel to Brazil for Ameropa
Oman Oil Trading Limited (OQT) has entered into a three-year offtake agreement with Switzerland-based fertilizer trader Ameropa for the supply of granular urea from Oman India Fertiliser Company’s (OMIFCO’s) plant.

INSIGHT: Pandemic to accelerate shift from global to local supply chains
The shift from global to more local supply chains was already under way before the coronavirus pandemic kicked in, exposing more vulnerabilities.

Chems shipping demand buoys Odfjell amid sector uptick
An improvement in chemical tanker earnings was the primary force behind a surge in profitability for Odfjell, amid an improvement in fortune for marine transport firms despite the ongoing coronavirus pandemic and questions over how long the rally will last.

SIBUR’s huge Amur cracker project will transform company, pivot to China
SIBUR’s enormous Amur cracker project in eastern Russia will be transformational, doubling the company’s polymer capacities and making it one of the biggest producers in Europe.