Americas top stories: weekly summary

HOUSTON (ICIS)–Here are the top stories from ICIS News from the week ended 17 March.

INSIGHT: Banking contagion threatens to spread, hit chemicals demand hard

The failure of two sizeable banks (Silicon Valley Bank, Signature Bank) in the US and the crisis of confidence contagion spreading to other US regional banks and now European financial institutions threatens to significantly tighten lending conditions at the very least, further slowing economic growth and potentially tipping the US and European economies into recession.

INSIGHT: Banking woes rattle US chem shares

Shares of US-listed chemical companies fell on Wednesday amid concerns about the implications of a string of bank failures.

US regulator OKs $31bn merger of Canadian Pacific, Kansas City Southern railroads

The US Surface Transportation Board (STB) has approved the merger of railroads Kansas City Southern (KCS) and Canadian Pacific (CP), authorising CP to exercise control over KCS as early as 14 April.

LyondellBasell’s refinery is top choice for US hydrogen hub

LyondellBasell’s refinery in Houston is the top choice for a site for a hydrogen and ammonia project that it may develop with other companies on the US Gulf Coast, an executive said on Tuesday – a further indication that the company may develop the refinery site as a sustainability hub instead of selling it.

INSIGHT: US petchem exports to hit record on capacity surge, easing of logistics constraints

With the last wave of new capacity additions and easing of logistics constraints, the US petrochemical sector has a clear path to boosting exports to new records in 2023. Even with a recessionary global economic outlook dampening demand overseas and capacity surging in China, the US cost advantage is simply too great to hold back the floodgates.

LyondellBasell starts making PO at new US plant in Channelview

LyondellBasell has started to produce propylene oxide (PO) at its new PO/tertiary butyl alcohol (PO/TBA) plant in Channelview, Texas, the CEO said on Tuesday.