Europe top stories: weekly summary

LONDON (ICIS)–Here are some of the top stories from ICIS Europe for the week ended 2 October.

LyondellBasell could take full ownership of Sasol Lake Charles JV assets in future – CEO
The deal for LyondellBasell to take a 50% stake in Sasol’s Lake Charles, Louisiana, base chemicals operations includes an option for the firm to take full ownership of the assets in future, CEO Bob Patel said on Friday.

INSIGHT: Petrochemical producers in Europe anticipate better operating environment
Ahead of the virtual European Petrochemical Association (EPCA) annual meeting next week, sector players are cautiously eyeing a better operating environment towards the year end. Some detect signs of a surge in buying interest in the new calendar year.

Europe R-PET faces demand fluctuations, lower bottle availability in October
The European recycled polyethylene terephthalate (R-PET) market will continue to see significant variances in demand levels on a case-by-case bases, as well as lower availability of post-consumer bottles (PCB) toward the end of the month, though impact on prices will be limited.

Eurozone manufacturing growth accelerates in September as Germany shifts into gear
Eurozone manufacturing sector growth reached its highest level in two years and its third consecutive month of growth in September, driven by a substantial rally in Germany, according to purchasing managers’ index (PMI) data.

Shell to reduce workforce around 10% but aims to expand chemicals
Shell is to reduce its workforce by up to 9,000 by 2022 to save up to $2.5bn, the Anglo-Dutch energy and petrochemicals major said on Wednesday.

INSIGHT: Record year for Europe acetone market features in Q4 phenol talks
As discussions for Europe’s fourth quarter phenol contract adder fees near completion amid continuing pandemic-depressed demand, it should come as little surprise that netbacks on coproduct acetone have again been in the spotlight.

Total, LyondellBasell moves highlight growing momentum of circular economy shift
Total’s decision to switch its Grandpuits oil refinery to 100% renewables, and an ambitious new recycling target from LyondellBasell, are the latest illustrations of the gathering pace of circular economy investment in the chemicals sector.

LyondellBasell to produce 2m tonnes/year of recycled, renewable polymer
LyondellBasell is to increase its production of recycled and renewable-based polymers by 2030 as part of a raft of new sustainability targets unveiled by the firm on Monday.